NEWS
Joining forces - Mike Racz is backing Laura Hepburn ' s Greenology ( Teesside ) plans .
GOING GREEN
WORDS : JULIE BURNISTON PICTURE : TOM BANKS
Mike Racz and Laura Hepburn join forces to take recycling firm to the next level
World-leading technology will see the launch of a new end-of-life tyre recycling plant created by Greenology ( Teesside ) following a “ significant ” investment from a well-known local businessman .
Laura Hepburn , owner and managing director of Greenology ( Teesside ), is celebrating the addition of Mike Racz to the company as “ investor , partner and director on equal footing ”.
Mike , best known for his success with Domino ’ s , Costa Coffee and Anytime Fitness franchises under his Racz Group business , invested in Middlesbrough-based Greenology after meeting Laura in a Zoom chat with other local business owners .
During the discussion , Laura spoke openly about her frustration in finding appropriate backers .
“ Listening to Laura , I was immediately struck by her passion and tenacity ,” said Mike . “ She really appealed to my business sense and so I followed my heart and jumped in , offering to discuss things further .”
As a new start-up , Greenology , which recycles old tyres and turns them into marine-grade oil , was unable to access any government loans or rate relief during the Covid crisis .
“ Laura was vocal about her difficulties and her determination to raise money on her terms to carry on and expand the fantastic work that her company does ,” continued Mike .
“ I could see the incredible potential there and I believe in what Greenology is doing . But more than that , it ’ s Laura the businesswoman , with her personality , commitment and dedication that I ’ m buying into .”
Meeting up in person soon after the roundtable , Mike and Laura – both adopted Teessiders with a love of and dedication to the region – discovered a shared vision of levelling up , creating jobs for life for local people and making the Tees region a better place in which to live and work .
“ The deal for Mike to step in as an investor was done swiftly and with no nonsense ,” said Laura , who subsequently received another offer of funding – one which she was uneasy about accepting and consequently turned down .
“ I ’ ve been honest about the issues surrounding borrowing as a new startup and especially as a lone woman in business . Mike understood that – I think he enjoys championing the underdog .
“ He also understood that , for me , any investment has to sit well . I couldn ’ t lose my integrity or ethos for the sake of money , hence the reason for dismissing the other offer .
“ Luckily , our values are freakishly similar . I see Mike as the catalyst to help Greenology grow . He has so much business experience , he knows the pitfalls , he ’ s a forward thinker and always ahead of the curve .
“ Additionally , he knows the value of where Greenology is heading . I see him as my mentor in a way , a man who I know can help me future-proof the business .”
Mike added : “ It was perhaps inevitable that Laura and I would gravitate towards each other and join together in business because we ’ re two peas in a pod .
“ I can ’ t say that before this deal I knew anything about turning old tyres into fuel , but to be involved in helping the environment feels great . Laura has so many amazing ideas for Greenology and I just want to be part of her vision .”
On a day-to-day basis , Mike , who already runs 10 businesses in 10 different sectors , will offer strategic and technical support , allowing Laura to push ahead with her plans to deliver a full-scale plant on Teesside within the next 12 months that will use world-leading technology to recycle plastic .
“ Hopefully I can add value with my role ,” added Mike . “ Laura was always destined to go far , but hopefully with my support she will get there a bit quicker .”
Greenologyuk . com
38 | Tees Business