Slowing demand and economic conditions in Europe sent Recycling Technologies Group plc and Recycling Technologies Ltd., a UK-based chemical recycling company, into receivership and halted all operations.
The administration process is similar to a bankruptcy in the United States. Nick Holloway and Will Wright of Interpath Advisory have been appointed joint directors of the company with head office and a pilot plant in Swindon, England, and an additional site in Perthshire, Scotland.
The company was founded in 2011.
Recycling Technologies‘ approach is modular. He developed the RT7000, a machine that uses pyrolysis to break down long chains of polymers into shorter chains through the use of heat in the absence of oxygen. The RT7000 was designed as a bolt-on unit integrated with existing mechanical recycling infrastructure. The unit offers a local solution for hard-to-recycle plastic waste otherwise destined for landfill or incineration, avoiding unnecessary transport of plastic waste and associated carbon emissions. The venture was backed by Zero Waste Scotland.
Over the past few months, the company had been seeking additional investment in order to complete its development phase, a quest which ultimately proved fruitless, and which has now led to its collapse into administration.
Recycling Technologies announced plans to go public in 2021, but those plans were later scrapped. In April 2022, company founder and director Adrian Griffiths stepped down. Gary Bullard remains listed as a director of Companies House, along with Simon Dent and Ravish Jain.
Operations ceased as soon as the co-administrators were appointed. In a statement, they write: “Unfortunately, the majority of the group’s 73 employees have been made redundant, with a small number retained to assist the co-administrators in the closure of its sites.”
Nick Holloway, Managing Director of Interpath Advisory and Joint Administrator, said: “Our immediate priority is to help staff members who have been made redundant, providing them with the support and information they need to make claims to of the severance payment service. We will also seek to realize the Company’s assets and intellectual property, and encourage all interested parties to contact us as soon as possible. »