Recycled Polymers has gone into liquidation leaving debts of £715,000. According to the directors of the failed plastics recycling company, a range of issues cause the collapse including a drop in the price of virgin polymer and equipment issues.
The Birmingham company, which had been in operation for 18 months, bought in granulated recycled plastics – polypropylene, polystyrene and ABS – which it compounded into pellets with a range of masterbatches for reuse by injection moulders.
A fall in virgin polymer prices, which dragged down the value of recycled alternatives, and faltering end-markets – including plant pots for garden centres – finally overwhelmed Recycled Polymers, claimed the director's report.
On 21 December the company sold its assets to Plasgran in Wimblington, Cambridgeshire. Any money raised from the sale will go to three charge holders including the Royal Bank of Scotland.