Grant Thornton picked for Fife recycling administration

27 April 2023 1 min. read
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A recycling plant in Scotland has fallen into administration, less than a year after it opened. Grant Thornton will now seek a buyer for the facility’s assets.

As the UK looks to downsize its carbon footprint, recycling will play a crucial role on the road to net zero. The Yes Recycling Group is an organisation specialising in filmed plastics which can often be heavily printed; providing bespoke, fully-managed recycling solutions for complex polymer waste-streams.

The organisation is based in Buckinghamshire, but in September 2022, it helped launch a new recycling plant in Fife. The state-of-the-art plant is based within Whitehill Industrial Estate in Glenrothes and operates a 15,000-tonne per annum plastics recycling facility – and began production carrying out recycling of mixed plastics, both 2D and 3D.

Grant Thornton picked for Fife recycling administration

Just seven months later, however, the plant has fallen into administration. The facility has reportedly been unable to pay its debts, after suffering cashflow problems linked to operating under capacity. As a result, Grant Thornton will now take stock of the location, and weigh up potential sales.

Julie Tait, a Restructuring Director at Grant Thornton, commented, "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.”

The parent group, Yes Recycling Group, is reportedly unaffected. However, Grant Thronton will now work to support the 60 staff of the Fife site, and seek a buyer for the business and assets.