A plastic recycling plant in Fife, which only began production in September 2022, has appointed administrators.
Based on the Whitehill Industrial Estate in Glenrothes, Yes Recycling operates a 15,000 tonne per annum plastics recycling facility, employing 60 people.
The plant carries out recycling of mixed plastics, both 2D and 3D, creating materials to be re-sold.
It has the capability to turn hard-to-recycle, flexible food packaging - such as crisp bags and chocolate wrappers - into plastic flakes, pellets and a new product called Ecosheet, which can be used in the construction and agriculture industries.
Despite the significant investment in the new facility, production had yet to reach full capacity, which caused cashflow difficulties, leading to the administration.
Julie Tait, restructuring director at Grant Thornton one of the joint administrators, said: “While the business has invested heavily in state-of-the-art recycling equipment, it had not yet been able to operate at full capacity and this has resulted in cash flow challenges in recent weeks.
“The company was unable to pay its debts as they fell due resulting in our appointment as administrators.
“This is a disappointing outcome for all those associated with the company, and our immediate priority is to support the company’s 60 employees while we assess the company’s financial position and seek a buyer for its business and/or assets.”
The remainder of the Yes Recycling Group, which is headquartered in Buckinghamshire, is unaffected by the administration of the Scottish business.
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