Petlon Polymers Ltd (01389081): administration
- Status
- Administration ended
- Administration began
- 2017-08-15
- Administrators' firm
- Kroll
- Formerly
- Recyplast Limited
- Incorporated
- 1978-09-14
- Location
- London
- Industry
- 22290 Manufacture of other plastic products
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Competition / price pressure
- Supply chain disruption
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
Statutory information on the Company and a summary of its financial history is included at Appendix 1.
The Company was established in 1978 by John Ward, at which time it was owned and managed by JWH, the ultimate parent company of a small corporate group, with several subsidiary companies in the manufacturing and property sectors. The Company has always operated from premises on the Ward Industrial Estate in Gloucestershire, the freehold of which is also owned by a subsidiary company of JWH.
Initially, the Company focussed largely on recycling plastics, however, over the years it has developed into a leading manufacturer of prime based compounds and a specialist recycler of polymers, with the additional capability to design and develop bespoke polymers according to a client's needs.
Administrators' statement of proposals (2017-10-19) · Companies House register