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About us

About us

The Environment Exchange (t2e) runs the UK’s online marketplace for Packaging Recovery Notes (PRNs). Our goal is to give buyers and sellers transparency, transactional efficiency and a feeling of control, all through an online trading platform. The market recognises t2e as the price index for PRNs. We launched in 1998, soon after the regulations were introduced, and now trade over 1 million tonnes each year.

Always treat everyone
as you’d like to be treated

We have a company philosophy that runs throughout the business: ‘Always treat everyone else as you’d like to be treated’. We pride ourselves on being accountable, supporting members proactively, and doing the right thing for them. Over 500 members trust us to do what we say we will. Our word is our bond.

  • CompanyThe Environment Exchange Ltd, trading as t2e. Registered in Scotland, company number SC225230.
  • Based inHudson House, 8 Albany Street, Edinburgh EH1 3QB.
  • What we doRun the online marketplace where UK businesses buy and sell PRNs and PERNs, with Spot, 28 Day Rolling and Forward contracts.
  • Who uses t2eOver 500 members: obligated producers, compliance schemes, accredited reprocessors and exporters, and their representatives.
  • Since1998. The first trade on t2e was in November 1998.
  • Market dataPRN prices from real trades, the PRN Price Service and quarterly reports since 1999.

Our values

  • Smart
  • Simple
  • Safe

Why us?

It’s our job to keep the market well informed, so as a t2e member, you will receive a wealth of information, through daily, weekly and quarterly bulletins. On the website not only is there up-to-the minute price and tonnage information but also historic data, and a range of options to compare the market – everything you need to make an informed decision.

Our team

  • Angus Macpherson

    Managing Director

    Portrait of Angus Macpherson

    Angus Macpherson

    Managing Director

    What’s your role at t2e?
    The buck stops with me. I am also the second line of arbitration should disputes arise either between counter-parties or between t2e and its participants.
    What do you like best about it?
    It works. t2e is smart, simple and safe. Just as it says on the tin! Also the people – both those who work for t2e and the participants. They present new challenges every day.
    What one word sums you up and why?
    Determined. I do not give up easily.
    What is the most important lesson life has taught you?
    Do not panic. Never be afraid to ask.
    How do you relax?
    I’m always relaxed!

  • Tom Rickerby

    Head of Trading

    Portrait of Tom Rickerby

    Tom Rickerby

    Head of Trading

    What’s your role at t2e?
    Head of Trading – I manage day-to-day trading and market operations across all PRN materials on the t2e platform. I also look after our key accounts and manage business development activities.
    What do you like best about it?
    I enjoy building strong relationships with our client base and helping them to understand the markets, trade smarter and mitigate risk. I enjoy the buzz of trading. I have gained huge satisfaction in developing our product and service proposition, driving company growth and making the PRN market more competitive, more transparent and more efficient.
    What one word sums you up and why?
    I’m a Leo – honest, loyal, fun, creative with a hint of narcissism.
    What is the most important lesson life has taught you?
    It’s short…so enjoy it and take pleasure in the small things.
    How do you relax?
    Ride my bike, play golf, travel, cook and hang out with my kids.

  • Andrew Letham

    Operations Manager

    Portrait of Andrew Letham

    Andrew Letham

    Operations Manager

    What’s your role at t2e?
    Trading, client relationships, looking after both internal and external data and reviewing performance.
    What do you like best about it?
    I like the unique position we have in the market and that I get to interact with both sides of the market (buy and sell) and their differing challenges with the ultimate goal of finding a solution.
    What one word sums you up and why?
    Frank. I understand this isn’t necessarily a good trait, but I think it’s accurate.
    What is the most important lesson life has taught you?
    When life gives you lemons, make lemonade.
    How do you relax?
    When not watching football I still try to play as much as possible. I love travel be it sun or snow and try to get away as much as my holiday/bank balance will allow.

  • Cath Thomas

    Head of Settlements and Accounts

    Portrait of Cath Thomas

    Cath Thomas

    Head of Settlements and Accounts

    What’s your role at t2e?
    I administer the settlement of all contracts traded on the t2e platform; receiving and remitting the relevant documents and funds. I also control and prepare the companies’ yearly financial accounts.
    What do you like best about it?
    Job satisfaction when contracts are settled by the due date.
    What one word sums you up and why?
    Hardworking. I enjoy being in a role that’s always busy, with varied deadlines needing to be met each day/year.
    What is the most important lesson life has taught you?
    You have to work at life to get things you require, nothing is for free!
    How do you relax?
    Watching TV and sunbathing in hot countries.

  • Susan Kierans

    Office Manager and PA

    Portrait of Susan Kierans

    Susan Kierans

    Office Manager and PA

    What’s your role at t2e?
    I’m t2e’s Office Manager, PA to Angus and cover settlements when Cath is off enjoying herself in the sunshine
    What do you like best about it?
    The variety.
    What one word sums you up and why?
    Irish...because of my accent!
    What is the most important lesson life has taught you?
    The boring bits make the exciting experiences all the more fun.
    How do you relax?
    Watch a good comedy.

  • Graham McIntyre

    IT Manager/Software Developer/Data Manager

    Portrait of Graham McIntyre

    Graham McIntyre

    IT Manager/Software Developer/Data Manager

    What’s your role at t2e?
    I work with IT providers to look after our network and websites, manage the internal software and the integrity of our data. First point of call when anyone's PC isn’t behaving.
    What do you like best about it?
    Working for a small team where everyone works closely together.
    What one word sums you up and why?
    Make things happen. Not one word, but a theme that’s applied to my career throughout – from IT, teaching maths, sports coaching and management and returning to IT…
    What is the most important lesson life has taught you?
    You achieve more as part of a good team than as a group of individuals.
    How do you relax?
    Go for a run, play piano if no one is listening.

Then and now

A lot’s happened in the PRN marketplace since we launched in 1998. The timeline below shows how t2e has progressed, and how the industry and regulation have moved on alongside it.

  1. 1994

      • Industry facts

        EC directive on packaging and waste comes into force

        This requires member states to bring in legislation to achieve targets for the recovery of packaging waste by 30th June 1996 and to meet targets set by 30 June 2001.

    • 1997

        • Industry facts

          The Producer Responsibility Obligations come into force

          In England, Scotland, Wales

      • 1998

        • t2e facts

          t2e Incorporated

        • t2e facts

          OM Environment Exchange (OMEE) Formed

        • t2e facts

          1st Trade via t2e

          130t of paper @ £10 - Guildhall of London

        • Industry facts

          Producer Responsibility Obligations (Packaging Waste) Regulations starts

          Obligation on companies with a turnover of £5 million plus and handling 50 tonnes of packaging. No obligation on wood or packaging materials other than aluminium, glass, paper plastic and steel, all material specific targets 7%, general recycling target 19%, recovery 38%

      • 1999

          • Industry facts

            The Producer Responsibility Obligations come into force

            In Northern Ireland

        Join over 500 other members now and experience complete control over the PRN process:

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        See what others say about t2e

        • “t2e are a vital part of the compliance infrastructure. By providing a transparent and easy-to-use trading platform they give clarity in what can be an otherwise obscure marketplace.”

        • “The whole t2e setup is fantastic and a necessity for my business to succeed. The team in Edinburgh are a delight to work with.”

        • “t2e run a very efficient service, helping us sellers understand the market and achieve an appropriate price for our PRNs.”

        Contact us

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        The Environment Exchange
        Hudson House
        8 Albany Street
        Edinburgh
        EH1 3QB
        United Kingdom

        General enquiries

        Phone: +44 (0) 131 526 3023
        Email: info@t2e.co.uk

        Trading

        Phone: +44 (0) 131 526 3040
        Fax: +44 (0) 131 473 2326

        To join

        Phone: +44 (0) 131 526 3040
        Fax: +44 (0) 131 473 2326

        Settlement

        Phone: +44 (0) 131 526 3041

        “t2e” and “The Environment Exchange” are trademarks of The Environment Exchange Ltd. Registered in Scotland, company number SC225230. VAT number 804 1331 78.