Plasrecycle Limited (07456989): administration
- Status
- Administration ended
- Administration began
- 2016-07-15
- Administrators
- Robert Hunter Kelly, Charles Graham John King
- Administrators' firm
- EY
- Formerly
- Plasreco Limited
- Incorporated
- 2010-12-01
- Location
- Leeds
- Industry
- 20160 Manufacture of plastics in primary forms
Why it went into administration
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 1 December 2010 for the purpose of developing a reprocessing plant for household flexible packaging plastic waste The first years were spent on research and development and fund raising The majority of investment was provided by Foresight, LWARB and private investors between 2012 and 2013 The plant become operational in October 2013 having received total investment of around £12m_ The first sales were made in 2014 The principal trading activity was the production of recycled polyethylene granules from domestic flexible packaging plastics This is suitable for conversion back into packaging, construction and other upcycled products
There was a plant expansion in 2015 with further funding from investors of £4m This increased the capacity of the plant to recycling nearly 9,000 tonnes per annum of plastics waste To improve the quality of the product a “wash line” was added to the plant in 2016 with further funding of £1m, bringing the total investment from lenders and shareholders to£17m_ Prior to this the plastics had been processed without being washed leaving Impurities in the product and limiting the customer base
Sales have predominantly been for one UK based customer with the finished product used In composite panels There was a contract in place providing for minimum orders for a five year period
Administrators' statement of proposals (2016-09-15) · Companies House register