A recycling plant in Fife that opened seven months in the past has plunged into administration.
Yes Recycling, which employs 60 individuals, has been unable to pay its money owed after struggling cashflow issues linked to working underneath capability.
Administrators Grant Thornton at the moment are in search of a purchaser who can retain the enterprise and staffing.
The state-of-the-art plant relies inside Whitehill Industrial Estate in Glenrothes and operates a 15,000-tonne every year plastics recycling facility.
It started manufacturing in September 2022, finishing up recycling of combined plastics, each 2D and 3D.
It specialises in turning hard-to-recycle versatile meals packaging corresponding to crisp packets and chocolate wrappers into plastic flakes, pellets and a brand new product known as ecosheet, which can be utilized within the development and agriculture industries.
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Julie Tait, restructuring director at Grant Thornton, stated: “While the business has invested heavily in state-of-the-art recycling equipment, it had not yet been able to operate at full capacity and this has resulted in cashflow challenges in recent weeks.
“The firm was unable to pay its money owed as they fell due leading to our appointment as joint directors.
“This is a disappointing outcome for all those associated with the company, and our immediate priority is to support the company’s 60 employees while we assess the company’s financial position and seek a buyer for its business and/or assets.”
Parent firm Yes Recycling Group, which relies in Buckinghamshire, is unaffected.
Content Source: information.sky.com