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A recycling plant in Fife that opened seven months in the past has plunged into administration.
Sure Recycling, which employs 60 individuals, has been unable to pay its money owed after struggling cashflow issues linked to working beneath capability.
Directors Grant Thornton at the moment are looking for a purchaser who can retain the enterprise and staffing.
The state-of-the-art plant relies inside Whitehill Industrial Property in Glenrothes and operates a 15,000-tonne every year plastics recycling facility.
It started manufacturing in September 2022, finishing up recycling of blended 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 referred to as ecosheet, which can be utilized within the building and agriculture industries.
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Julie Tait, restructuring director at Grant Thornton, mentioned: “Whereas the enterprise has invested closely in state-of-the-art recycling tools, it had not but been in a position to function at full capability and this has resulted in cashflow challenges in current weeks.
“The corporate was unable to pay its money owed as they fell due leading to our appointment as joint directors.
“It is a disappointing final result for all these related to the corporate, and our rapid precedence is to assist the corporate’s 60 staff whereas we assess the corporate’s monetary place and search a purchaser for its enterprise and/or property.”
Mum or dad firm Sure Recycling Group, which relies in Buckinghamshire, is unaffected.
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