A recycling plant in Fife that opened seven months ago has plunged into administration.

Yes Recycling, which employs 60 people, has been unable to pay its debts after suffering cashflow problems linked to operating under capacity.

Administrators Grant Thornton are now seeking a buyer who can retain the business and staffing.

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.

It began production in September 2022, carrying out recycling of mixed plastics, both 2D and 3D.

It specialises in turning hard-to-recycle flexible food packaging such as crisp packets and chocolate wrappers into plastic flakes, pellets and a new product called ecosheet, which can be used in the construction and agriculture industries.

Be the first to get Breaking News

Install the Sky News app for free

Read more:
King’s Theatre in Edinburgh saved from closure
Stop hoarding your phones – here’s how to recycle them

Stop hoarding your phones, Brits urged – here’s how to recycle them

Families urged to reuse or recycle school uniform to save cash and cut down on 350 tonnes of plastic ending up in landfill every year

Fly-tipping gangs are costing council millions, new study reveals

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.”

Parent company Yes Recycling Group, which is based in Buckinghamshire, is unaffected.

Related posts:

Ex-Post Office chief Vennells quits Morrisons and Dunelm boards Johnson bakes fresh £250m bid to sell resurgent Gail’s café chain Greggs becomes latest food outlet hit by supply chain problems NHS urges doctors to halt some blood testing as UK is hit by vial shortage Bounce-back fraud, Turkish inflation and Bible app funding UK economic growth slows to just 0.1% in February McDonald’s to exit Russia and sell all of its restaurants due to Ukraine war Gatwick cancels easyJet flights at last minute UK economy edges closer to stagnation with factory slump Profit warnings at recruitment firms show unemployment is likely to rise Energy price surge prompts big earnings upgrade at British Gas owner Centrica Broadband and phone bill rises to be investigated by Ofcom