Wed, 06 Nov 2024 | ADMINISTRATION
A West Midlands-based plastic recycler QC Polymer has gone into administration after it was blasted by higher utility prices.
The Bilston-based business has appointed business recovery specialist Hudson Weir to run its operations and find suitable buyers for its assets. Hasib Howlader and Nimish Patel of Hudson Weir have been named as the joint administrators.
The administration comes despite investment in the company from India-based Mysore Petro Chemicals. It took a controlling stake, believed to be 75 per cent, in the company for a reported £900,000 in January with an eye on expansion and hitting a revenue of £100 million within five years.
It hoped that the drivers for this would be through innovations in PET recycling – these are plastic bottles for example which can be more easily recycled – helping cut down on waste and environmental damage for local authorities, waste management firms and major brands.
According to research from Markets&Markets the global recycled PET market is set to soar from $11 billion in 2023 to $15 billion in 2028 driven by the sustainability agenda and consumers looking for greener packaging alternatives.
“It is sad to see a green technology business at the forefront of its sector failing due to increased utility costs,” said Hudson Weir director Hasib Howlander. “Brought about by the rising cost of fuel, perhaps it is time for the Government to look at the sustainable environmental businesses in the UK and help them to thrive.”
Hudson Weir has appointed commercial auctioneer GJ Wisdom to oversee the sale of the company’s bottle recycling plant in Bilston. The facility is capable of producing 18,000 tonnes of 100% clear rPET flakes and cost £1.2 million to set up in 2021-22.
The production line also includes a bail break, trommel separator, Tomra autosort bottle sorter and EM3 metal sensor.
The plant is now available by sealed bid tender with November 11 being the deadline for submissions.
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