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Yes Recycling goes into administration months after opening

By Nagasunder in UK Business News, posted April 26, 2023

A recycling plant in Fife that launched seven months ago has gone bankrupt.

Yes Recycling, which employs 60 people, has been unable to pay its debts due to cashflow issues caused by working at capacity.

Grant Thornton administrators are now looking for a buyer who will keep the company and its employees.

The cutting-edge plant is located in Glenrothes' Whitehill Industrial Estate and operates a 15,000-tonne-per-year plastics recycling facility.

It started manufacturing in September 2022, recycling both 2D and 3D mixed polymers.

It focuses on converting difficult-to-recycle flexible food packaging such as crisp packets and chocolate wrappers into plastic flakes, pellets, and a new ecosheet product that may be utilised in the construction and agriculture industries.

Julie Tait, restructuring director at Grant Thornton, 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 cashflow 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."

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Yes Recycling Group, headquartered in Buckinghamshire, is not impacted.

Source: Sky News

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