Wed, 27 Apr 2011 | ADMINISTRATION
The assets and goodwill of tyre processor, Envirotyre, are for sale after it was placed into administration. 30 jobs have been lost at the firm.
“The administration represents a good opportunity for an entrepreneur or competitor to acquire the remaining assets of the business,” joint administrator Tom McLennan said.
The Scotland-based firm specialised in handling and the reclamation of waste tyres. It benefited greatly from the 2005 legislation that banned the landfill of whole or shredded old tyres. By 2008, the firm took care of 80 per cent of its local area’s collections.
Established in 1995 as a processor of yellow plant tyres, Envirotyre went on to buy the exclusive UK licence for Compactyre, a compactor that compresses tyres down to one-quarter of its original size, in 2005.
Its operating hub and processing facility were based in Durham, and also had depots in Carlisle and Carnbroe. It operated its own transport fleet utilising GPS satellite tracking.
Its last recorded accounts for the year to 31 December 2009 showed total current assets of £1.822 million.
The administrators at RSM Tenon are encouraging any interested parties to get in touch.
“Envirotyre had a good profile and client base in a niche that is set to expand further,” said Mr McLennan.
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