Interpath Advisory have been appointed administrators for Recycling Technologies after the company failed to raise additional investment.
The chemical plastic recycling firm was founded in 2011 in Swindon and has a manufacturing facility there along with an additional site in Swindon.
Join administrators Nick Holloway and Will Wright from Interfaith Advisory said in a statement that Recycling Technologies had embarked on a process to seek additional investment in order to complete its development phase. However, that process was unsuccessful.
With insufficient funds for day-to-day operations, the directors took the decision to call in administrators.
Operations have ceased immediately and the majority of the company’s 73 employees have been made redundant. A small number of staff have been retained to assist the administrators with closing down the sites.
Interpath Advisory managing director Nick Holloway said: “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.
“We will also be looking to realise the assets of the business and its intellectual property, and would encourage any interested parties to contact us as soon as possible.”