Recycling Technologies in Swindon enters administration

The firms patented technology is now for sale

A company acclaimed for pioneering a method of recycling all types of plastic waste has entered into administration.

Recycling Technologies in Swindon has ceased operating and almost all of its 73 employees have been made redundant.

Its patented technology converts plastics into a form of oil, allowing it to be remoulded into new products.

The firm said it had been seeking investment but was no longer able to fund its daily operations.

The group is headquartered in Swindon, alongside its manufacturing facility and pilot plant, with an additional site in Perthshire, Scotland.

The company also took on some Honda employees when the car plant closed in 2021.

In a statement, administrators said in recent months the firm had embarked on a process to seek further investment in order to complete its development phase.

Almost all of their employees have been made redundant

However, it said the process was unsuccessful and with insufficient funds available to fund day-to-day operations, the directors had taken the difficult decision to file for the appointment of administrators.

Joint Administrator and managing director at Interpath Advisory, Nick Holloway, said: "Our immediate priority is to assist those members of staff who have been made redundant, providing them with the support and information they need to make claims to the Redundancy Payments Service.

"We will also be looking to realise the assets of the business and its intellectual property, and would encourage any interested parties to contact us as soon as possible."