Yes said it would handle hard-to-recycle products
A recycling company that opened to much fanfare a few months ago has appointed administrators after it ran into liquidity problems.
Yes Recycling (Fife) opened last September on the Whitehill Industrial Estate, Glenrothes, and employs 60 people.
It installed state-of-the-art equipment capable of converting hard-to-recycle flexible food packaging, such as chips bags and chocolate wrappers, into plastic flakes, pellets and a new product called Ecosheet, which can be used in the construction and agricultural industries.
However, despite significant investment, production had yet to reach full capacity, causing cash flow problems, leading to administration.
The site is co-owned by supermarket chain Morrisons and was built and operated by Yes Recycling. A number of other organisations, including Nestlé UK & Ireland and Zero Waste Scotland, have been involved in the development of the plant.
Grant Thornton’s Stuart Preston and Julie Tait were appointed Joint Administrators on April 20 and are now reviewing options to save the company and its employees.
Ms Tait, Director of Restructuring at Grant Thornton, said: “The company was unable to pay its debts when they fell due, resulting in our appointment as joint administrators.
“This is a disappointing outcome for everyone associated with the company, and our immediate priority is to support the company’s 60 employees as we assess the company’s financial position and find a buyer for its business and/or assets. “
The rest of the Buckinghamshire-headquartered Yes Recycling Group is unaffected by the Scottish company’s administration.
Yes is the second recycling plant to fail in recent months. In September, a company that received £2million from Zero Waste Scotland to chemically recycle crisps packaging and black plastic fell into administration.
Recycling Technologies, which is based in Swindon in Wiltshire and had additional facilities in Perthshire, had hoped to raise £65 million of money for the forward sale of oil from its machine on top of existing deals.