A Swindon-headquartered plastic recycling company has collapsed into administration. Recycling Technologies Group appointed Nick Holloway and Will Wright of business advisory firm Interpath Advisory on Monday (September 26).
Founded in 2011, the the business 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 Wiltshire, alongside its manufacturing facility and pilot plant, with an additional site in Perthshire, Scotland.
The administrators said operations have now ceased and the majority of the group’s 73 employees have been made redundant, with a small number retained to assist the joint administrators with the closing down of its sites.
Mr 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.”
In recent months, Recycling Technologies Group had embarked on a process to seek additional investment in order to complete its development phase, according to Interpath Advisory. However, the process was unsuccessful and with insufficient funds available to run day-to-day operations the directors took the decision to file for the appointment of administrators.
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