Tue, 01 Dec 2015 | ADMINISTRATION
West Midlands-based textiles recycling firm BCR Global Textiles Ltd is on the verge of entering administration.
The company, which is better known as Black Country Rags, ceased trading on Monday (30 November) and has reportedly chosen Poppleton & Appleby of Birmingham to be its administrators, although this is yet to be confirmed.
The closure, after 30 years of trading, is likely to result in between 50 and 60 employees losing their jobs, letsrecycle.com reported.
An automated message was left by the company to its creditors to inform them of the impending insolvency. The message states: "Due to unforeseen circumstances the company has ceased to trade. If you are a creditor you will be contacted in due course by the appointed administrator."
BCR has been described as the "backbone" of the textile recycling industry. It works with local authorities and charities to promote its recycling banks.
Many charities take the textiles that BCR collects and transforms them into new items, which are sent to people in need both in the UK and abroad.
One such example is the charity, Against Breast Cancer, which recycles bras. BCR opened its first textile bank in West Bromwich last month to raise donations for the charity, but this partnership has now been ended.
A spokesperson told letsrecycle.com: "We understand that these things happen. We have communicated and worked with BCR to ensure that the final funds make their way to us and that the recent collection of recycled bras make their way to Africa."
View other businesses in administration.
Relocatable. Long standing contracts. Significant room for expansion. International connections. Offers Invited.
RELOCATABLE
Fantastic Freehold restaurant opportunity in a quaint Somerset market town. With an immediate population of 45,000, and around 70,000 visitors annually, this restaurant benefits well from local and visiting trade. Offers invited.
FREEHOLD
Well-established debt collection agency in Southend-on-Sea. Essex. In close proximity to the M25. They are ideally located. Being a telephone collection agency, they are able to cater for clients countrywide. Offers invited.
LEASEHOLD
|
21
|
|
May
|
Specialist aviation company enters administration – assets and/or business up for sale | ADMINISTRATION
A specialist ultralight trikes aviation manufacturing compan...
|
17
|
|
May
|
Greater Manchester staffing firm acquires security services company | BUSINESS SALE
A security services business headquartered in Newton-le-Will...
|
16
|
|
May
|
Midlothian IT company enters administration with assets up for sale | ADMINISTRATION
An Edinburgh-based IT firm has collapsed into administration...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources