A pioneering UK company specialising in chemical recycling, Recycling Technologies (RT), has been placed in administration and ‘the majority’ of its 73 employees have been made redundant.
A statement from the administrators Interpath Advisory said RT had unsuccessfully ‘embarked on a process to seek additional investment in order to complete its development’. ‘With insufficient funds available to fund day-to-day operations, the directors therefore took the difficult decision to file for the appointment of administrators,’ it added.
RT was founded in 2011 and is based at Swindon, where it has a manufacturing facility and pilot plant. It has an additional site in Scotland. The engineering company developed a patented technology to mass recycle plastic waste. Its initial goal was to take low-value plastics that could not be mechanically recycled, such as film, and turn them back into a synthetic oil called Plaxx which could be used to fuel ships. Later developments focussed on using Plaxx as feedstock for new plastics.
Earlier this year, RT announced that key components for its first commercial machine RT7000 had been delivered to the Scottish facility. It was looking to produce 200 RT7000s annually by 2029.
Nick Holloway, md at Interpath Advisory, says: ‘Our immediate priority is to assist those members of staff who have been made redundant. 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.’
Meanwhile, one of the UK’s biggest waste managers Biffa is changing hands. The board has recommended shareholders to accept a £1.3 billion (EUR 1.45 billion) takeover bid from global investment firm ECP, saying it is ‘a compelling opportunity, particularly in a weakening economic climate’. The share offer is about 8% less than was on offer from ECP in June.
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