Waste management firm Pink Skips, based in Telford, has closed with the loss of 20 jobs.
Wellings Ltd, which traded as Pink Skips, was based in Shropshire and went into receivership in February.
Grant Thornton was appointed to handle the administrative receivership and initially hoped to find a buyer for the business. However, it was unable to find one and as a result, the company’s assets were being auctioned off today by Jones Lang Lasalle.
It was hoped that the sale of the assets would bring in £500,000.
Administrator Paul Addison said: “Sadly we are now in the process of winding down Wellings Ltd’s business operations.
“We expect that 99 per cent of lots will sell on Thursday. Any item that does not make its reserve or does not sell will be removed at a later date. Items owned by finance companies will have an undisclosed reserve, but the majority of the items will be sold to the highest bidder.”
Wellings Ltd had invested £5 million into its recycling site in Telford. It is hoped that another tenant can be found for it and that it will continue to operate as a recycling facility.
Twenty jobs have been lost as a result of the firm’s closure.