Recycling Technologies Group and Recycling Technologies Limited have appointed administrators.
Founded in 2011, the UK-based engineering company developed a patented technology to mass recycle plastic waste away from landfill sites, and into feedstock for new plastic production.
The group is headquartered in Swindon, alongside its manufacturing facility and pilot plant, with an additonal site in Perthshire.
According to the administrator's statement, in recent months it had embarked on a process to seek additional investment in order to complete a development phase. However, this process was unsuccessful and with insufficient funds available for day-to-day operations, directors took the decision to appoint administrators.
Operations ceased immediately earlier this week, with the majority of the group’s 73 employees made redundant. A small number have been retained to assist the joint administrators with the closing down of its sites.
Nick Holloway, managing director at Interpath Advisory and joint administrator, said: “Our immediate priority is to assist those members of staff who have been made redundant, providing them with the support and information they need to make claims to the Redundancy Payments Service.
“We will also be looking to realise the assets of the business and its intellectual property, and would encourage any interested parties to contact us as soon as possible.”
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