Majestic Corporation Plc (AQSE:MCJ) has signed a lease for a new 50,000 sq ft recycling facility in Wrexham, Wales, as it looks to expand its capacity to process electronic waste, battery materials and renewable energy components.
The five-year lease, worth £130,000 a year, has been agreed between Majestic’s subsidiary, Telecycle Europe, and Wrexham Holdings, a company owned by Majestic’s chairman and chief executive Peter Lai.
The deal is classified as a related party transaction under market rules. The board, excluding Lai, said the terms were “fair and reasonable” for shareholders.
Majestic said the new facility will help meet growing demand for sustainable waste processing across the UK and Europe, complementing its smaller 4,000 sq ft site in Deeside.
Peter Lai said the expansion represented a key step in the company’s growth.
“By increasing our capacity to handle complex waste streams, we’re not only meeting rising demand but also ensuring more of this critical processing happens locally, here in the UK,” he added.
“Ultimately, this means we’re delivering more to our customers and with greater efficiency.”
Majestic, which trades on London’s Aquis Exchange, focuses on recycling non-ferrous metals and developing circular economy solutions to reduce environmental impact and resource waste.