A Lye-based waste management and recycling firm has been sold out of administration, securing the jobs of all 48 staff.
Following a “sharp deterioration in trading earlier last year which had impacted cash flow”, Overton Recycling Limited entered administration on a Company Voluntary Arrangement (CVA).
Steve Stokes and Gerald Smith, partners at FRP Advisory, were appointed as joint administrators in November 2013.
The administrators secured a sale of the business and its accompanying assets to Environcom, an electrical reuse and recycling specialist.
Overton Recycling continued trading as a going-concern while active sales discussions were conducted.
It was decided that a combined sale of the business and assets to Environcom offered the best return to creditors as well as guaranteeing the jobs of the workforce.
Stokes said: “The administration process allowed to Overton Recycling to continue to trade while we attempted to achieve a sustainable future for its recycling processing business and all of its workers, culminating in the successful sale to Environcom.”
The business will continue to trade as usual under the ownership of Environcom from the same premises at Lye.