A British recycling company has plunged into administration after 14 years in business. Plastic Energy, which employs 200 people across the world, appointed administrators on April 27, according to notices filed on the public record, The Gazette today.
Headquartered at Carter Lane, London, the recycling company will now be represented by Geoffrey Paul Rowley and Patrick Donnan of FRP Advisory Trading Limited. Officially called Plastic Energy Finco Ltd, it was founded in 2012 before growing to employ 200 workers across the UK, Singapore, Malaysia, Spain, France and remotely. According to its website, it is the leading industrial technology company in creating a circular economy for plastics.
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Its recycling process converts end-of-life plastic into feedstock, a raw material used to supply industrial processes, manufacturing, or chemical production.
The company said this replaces fossil oils in the production of new plastics, whilediverting plastic waste from landfill and incineration.
Its patented process heats plastics in the absence of oxygen to form hydrocarbon vapours. These vapours are condensed into a recycled oil, called TACOIL™. The synthetic output is then stored for sale to petrochemical partners.
It is currently unclear why the business collapsed into administration, but firms usually do this when they are experiencing cash flow pressures. They can continue to operate during the process.
The process gives the business room to breathe while administrators seek to rescue viable parts of the firm, or restructure it. If it cannot be saved, they will work to get a better return for creditors, possibly by finding a buyer for some of the assets.
It is far from the only manufacturer to have appointed administrators this year. Just a few weeks ago, a British TV manufacturer filed for administration after 16 years in business.
The LED Studio Ltd appointed insolvency firm Opus Restructuring LLP to act on behalf of the business on April 20, as filed on The Gazette.
The British high street has also been hit hard, with the likes of Quiz having collapsed into administration after a challenging trading period over Christmas.
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