PRW has learnt that Cheshire-based Sharp Polymer Solutions has bought the Hull and Melrose operations of plastics recycler CK Group.
Companies House records show Sharp Polymer Solutions' managing director listed as Marc Sharples. His LinkedIn profile stated he has been managing director of the firm for four years, but was managing director of a former incarnation of CK Group – CK Polymers – in Hong Kong from February 2007 to June 2012 and a director of CK Group from November 2000 to June 2012.
PRW understands the Hull and Melrose operations were bought for £84,000.
Sharples has not returned calls from PRW at the time of writing to speak about the purchase.
CK Group was placed into administration on 13 July. The company had employed 69 staff across the three sites, but 42 employees have since been made redundant.
The joint administrators Graham Newton and Eddie Kerr from BDO have continued to trade the company at reduced levels following their appointment and concluded a sale of the business and assets relating to the operations in Hull and Melrose on 19 July, with 17 employees transferred to Sharp Polymer Solutions.
The 10 remaining staff members of CK Group have been retained to maintain basic levels of operation whilst a purchaser is sought for CK Group's main Binbrook facility.
BDO business restructuring partner Graham Newton said that the impact of oil prices and a reduction in export demand, particularly from China, had significantly affected the business and that the administrators were seeking offers for the business and assets of the company's main trading site at Binbrook from several interested parties.