Fri, 09 May 2014 | ADMINISTRATION
A recycling centre in Nottinghamshire has gone into administration while a buyer is sought for the company’s assets.
Eddie Williams and Rob Hunt of PwC were appointed as joint administrators to Nottinghamshire Recycling Ltd on 7 May. Twenty-one of the stricken waste company’s 29 staff were made redundant across its two sites in Worksop and Kiveton.
The business has a turnover of around £4 million but it had its waste management permit suspended following a large fire at the Worksop plant in February, leading to a period of “financial difficulties”. This followed another serious blaze that broke out in the summer of 2013.
Nottinghamshire Recycling’s directors asked funders to place the company in administration and appoint fixed charge receivers over the properties to preserve the value of its facilities. Administrators are now holding talks to try and secure a sale of the business or its assets.
Williams, joint administrator and director at PwC, said: “The operations are well located with a strong and supportive customer and supplier base but regrettably the current position of the company is such that we have had to make the immediate decision to mothball the operations at both sites which has resulted in 21 redundancies.
“Our immediate priority is to work alongside the remaining employees and assess the options available that could preserve and protect the company’s assets which will involve discussions with a number of key stakeholders and interested parties.”
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