A Midlands-based recycling business has entered administration resulting in the loss of 21 jobs.
Nottinghamshire Recycling Ltd entered administration following a period of “financial difficulties”.
Eddie Williams and Rob Hunt of PwC were appointed as joint administrators to the company on 7 May 2014.
Williams and Hunt were also appointed fixed charge receivers of the properties known as Worksop Recycling Centre and Kiveton Park Recycling Centre on 7 May 2014.
The firm, which posted annual turnover of approximately £4m and employed 29 staff, lost its permit to perform waste management operations at its primary site in Worksop, Nottinghamshire, following a fire in February 2014.
Company directors requested funders to place the company into administration and appoint fixed charge receivers over the properties to preserve value of the operating facilities.
Williams, joint administrator and director at PwC, said: “The operations are well located with a strong and supportive customer and supplier base but regrettably the current position of the company is such that we have had to make the immediate decision to mothball the operations at both sites which has resulted in 21 redundancies.
“Our immediate priority is to work alongside the remaining employees and assess the options available that could preserve and protect the company’s assets which will involve discussions with a number of key stakeholders and interested parties.”