A FIFE-based recycling company has fallen into administration.
Yes Recycling (Fife) Limited is based on the Whitehill Industrial Estate in Glenrothes and operates a modern 15,000 tonnes per annum plastics recycling facility.
It recycles mixed plastics, both 2D and 3D, into pellets, boards, and flakes to be re-sold, and has the capability to turn hard-to-recycle flexible food packaging such as crisp bags and chocolate wrappers into plastic flakes, pellets and a new product called Ecosheet, which can be used in the construction and agriculture industries.
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Buckinghamshire-based Yes Recycling unveiled its plans for the venture in September 2021, when it announced it had secured £520,000 from the Circular Economy Investment Fund for the project. The fund is administered by Zero Waste Scotland with funding from the European Regional Development Fund and the Scottish Government.
But despite “significant” in the new facility, the Scottish plant was said to have suffered cashflow difficulties production as production had yet to reach full capacity.
Stuart Preston and Julie Tait of Grant Thornton UK LLP were appointed as joint administrators of Yes Recycling (Fife) Limited on Thursday (April 20).
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The company, which employs 60 people, continues to operate while the administrators try to find a buyer.
Ms Tait, restructuring director at Grant Thornton, said: “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 cash flow challenges in recent weeks. The company was unable to pay its debts as they fell due resulting in our appointment as joint administrators.
“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.”
The administrators said the remainder of the Yes Recycling Group, which is headquartered in Buckinghamshire, is unaffected by the administration of the Scottish business.
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