Nick Holloway and Will Wright from Interpath Advisory were appointed Joint Administrators to Recycling Technologies Group plc and Recycling Technologies Limited on 26 September 2022.
Founded in 2011, Recycling Technologies is a UK-based engineering company that developed a patented technology to mass recycle plastic waste away from landfill sites, and into feedstock for new plastic production. The Group is headquartered in Swindon, alongside its manufacturing facility and pilot plant, with an additional site in Perthshire, Scotland.
In recent months, the Group had embarked on a process to seek additional investment in order to complete its development phase. Unfortunately, however, this process was unsuccessful. With insufficient funds available to fund day-to-day operations, the Directors therefore took the difficult decision to file for the appointment of administrators.
Operations ceased immediately upon the appointment of the Joint Administrators. Regrettably, the majority of the Group’s 73 employees have been made redundant, with a small number retained to assist the joint administrators with 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.”