Mobile phone values rise as recycling firm benefits
Wednesday, August 5, 2015 - 12:15:58
UK mobile recycling firm, Redeem, has gone from strength to strength in recent years. They work with major network providers and retailers to promote the idea that smartphone users should trade in their old devices and get cash in return.
Globally, the company now generates £80 million a year in sales, which is a dramatic increase from the £20 million it was making four years ago, according to This Is Money.
In addition, it has benefitted from the fact that the value of old phones is increasing, meaning that the devices it refurbishes can be resold for a better return, whether they stay in the UK or are shipped to overseas markets.
Interestingly, the vast majority of the mobiles that get sent to Redeem, via partners like O2, do end up being refurbished for resale; this happens to roughly 95 per cent of the devices they receive.
The remaining five per cent end up being dismantled so that the materials they contain can be recycled. All in all, this makes the whole process a very efficient one and shows that even if one person thinks their handset has come to the end of the line, it is very likely that it still has some value to another buyer elsewhere on the planet.
Customers of Redeem, many of whom use the service indirectly through one of its partners, have received over £100 million in payouts since the company was first founded. And it has undergone a 106 per cent growth in domestic sales, while experiencing similarly significant growth internationally.
This is a success story that outlines the importance of green businesses to the economy, proving that it is possible to make a positive impact with a business model which is built on sustainability, reuse and recycling.
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