Administrators have been appointed to Yes Recycling (Fife) Limited after the company was unable to pay its debts.
The 15,000 tonnes per year facility on the Whitehill Industrial Estate in Fife recycled mixed plastics into a product called Ecosheet that could be used in construction and agriculture.
But Stuart Preston and Julie Tait from Grant Thornton were appointed as joint administrators of the company. They will now try to find a buyer to protect the 60 people employed there.
Grant Thornton restructuring director Julie Tait said: “While the business has invested heavily in state-of-the-art recycling equipment, it had not yet been able to operate at full capacity and this has resulted in cash flow challenges in recent weeks.
“The company was unable to pay its debts as they fell due resulting in our appointment as joint administrators.
“This is a disappointing outcome for all those associated with the company, and our immediate priority is to support the company’s 60 employees while we assess the company’s financial position and seek a buyer for its business and/or assets.”
The rest of Buckinghamshire-based Yes Recycling Group is unaffected by the administration.
