Halifax-based recycled plastics manufacturer Iplas has gone into administration.
The company, which made everything from bollards, decking and fencing from a blend of polymers, went into administration on 2 October.
Grant Thornton have been appointed as administrators for the company which attracted £2.5 million investment from Foresight Group in 2010.
Administrator and Grant Thornton partner Joe Mclean said: “The business was struggling to attract orders over the last several months and the orders that it did have were not of sufficient margin to keep the business operating.
“Over the last couple of years, the company took on equity investment to take it to the next level. But the expected growth hasn’t matched the investment level.
“Three weeks before it went into administration, Grant Thornton was asked to find a buyer for the business. None of the parties we contacted who viewed the business were interested.
“As a result, there was not enough funding to continue to trade. I was appointed as administrator on 2 October and 45 people out of 50 were made redundant. I also contacted the parties that had viewed the business, but none of them have been interested in buying the business, only the equipment and other assets.”
The company made the Zyplex blended polymer that could be used for a variety of applications.
