UK-based Recycling Technologies ceases operations

Recycling Technologies, a plastics recycling technology provider based in the United Kingdom, has announced that it has ceased operations.

Founded in 2011, Recycling Technologies had developed and patented a plastics recycling machine, the RT7000, which turns plastic scrap into oil called Plaxx from which new plastics can be made. The company is headquartered in Swindon, U.K., and has an additional site in Perthshire, Scotland.

According to a statement from Recycling Technologies, the company has entered into administration since it was unable to secure investments necessary to advance its technology.

“With insufficient funds available to fund day-to-day operations, the directors therefore took the difficult decision to file for the appointment of administrators,” Recycling Technologies tells Recycling Today.

The company says it laid off most of its 73 employees when it ceased operations in late September. Nick Holloway and Will Wright of U.K.-based Interpath Advisory have been appointed as joint administrators to Recycling Technologies as of Sept. 26, according to Recycling Technologies. Holloway and Wright along with several Recycling Technologies employees are in the process of closing the company’s sites.

“Our immediate priority is to assist those members of staff who have been made redundant, providing them with the support and information they need to make claims to the Redundancy Payments Service,” Holloway says. “We will also be looking to realize the assets of the business and its intellectual property and would encourage any interested parties to contact us as soon as possible.”