Business

Recycling Technologies announces appointment of administrators

This week (26 September), it was announced that administrators from Interpath Advisory would be appointed to Recycling Technologies Group plc and Recycling Technologies Limited.

Recycling technologies headquarters swindon
The new headquarters in Swindon

Based in Swindon and Perthshire, the UK-based engineering company developed a patented technology to recycle large amounts of plastic away from landfill sites and into feedstock for new plastic production. 

However, the Group was unsuccessful in its recent attempt to acquire additional investment to complete its development phase. It was a lack of funds to facilitate day-to-day operations that prompted the directors to file for the appointment of administrators.

Following the introduction of Nick Holloway and Will Wright, named joint administrators by Interpath Advisory, all operations ceased as the majority of the Group’s 73 employees were made redundant. The company shares that a small number have been retained to assist the administrators in the closing down of its sites.

Nick Holloway, Managing Director at Interpath Advisory and Joint Administrator, said: “Our immediate priority is to assist those members of staff who have been made redundant, providing them with the support and information they need to make claims to the Redundancy Payments Service.

“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.”