A recycling plant in Fife that opened seven months previously has plunged into administration.
Sure Recycling, which employs 60 of us, has been unable to pay its cash owed after struggling cashflow points linked to working beneath functionality.
Directors Grant Thornton in the mean time are searching for a purchaser who can retain the enterprise and staffing.
The state-of-the-art plant is based inside Whitehill Industrial Property in Glenrothes and operates a 15,000-tonne annually plastics recycling facility.
It began manufacturing in September 2022, ending up recycling of mixed plastics, every 2D and 3D.
It specialises in turning hard-to-recycle versatile meals packaging equal to crisp packets and chocolate wrappers into plastic flakes, pellets and a model new product often known as ecosheet, which will be utilized inside the constructing and agriculture industries.
Learn additional:
King’s Theatre in Edinburgh saved from closure
Cease hoarding your telephones – that is how one can recycle them
Julie Tait, restructuring director at Grant Thornton, talked about: “Whereas the enterprise has invested closely in state-of-the-art recycling tools, it had not but been capable of function at full capability and this has resulted in cashflow challenges in current weeks.
“The agency was unable to pay its cash owed as they fell due resulting in our appointment as joint administrators.
“It is a disappointing consequence for all these related to the corporate, and our quick precedence is to help the corporate’s 60 staff whereas we assess the corporate’s monetary place and search a purchaser for its enterprise and/or belongings.”
Father or mother agency Sure Recycling Group, which is based in Buckinghamshire, is unaffected.
Supply: data.sky.com”
