Sat, 05 Nov 2016 | ADMINISTRATION
The assets of Lincolnshire-based plastics recycler Evolve Polymers have been snapped up by Plastipak Group in a pre-pack administration arrangement.
Evolve Polymers, one of the biggest plastics recyclers in Europe, was formerly ECO Plastics until it collapsed and was sold in a pre-pack administration deal in December 2014, led by German investment company Aurelius Epsilon International. Eco Plastics creditors received only 2p in the pound.
The directors of Plastipak, Michael Plotzke, Francis Pollock and William Young, are based in the US, but already have a UK operation based in Wrexham - plastics form APPE which they acquired in 2015. Plastipak Group is a leading global PET and HDPE producer that also operates in the virgin and recycled resin segments in the US and in Europe.
Evolve Polymers will now trade under the new name of Clean Tech Europe, a company registered on October 25th. Included in the assets sale is the multi-million pound Hemswell plant which has a PET recycling capacity of around 150,000 tonnes per annum.
Coca-Cola European Partners was an original investor in the plant through a joint venture with ECO Plastics and has continued to source its rPET from the facility for its bottle manufacturing even though it left the joint venture in 2014. It is understood that this supply arrangement will continue under the new ownership of Clean Tech Europe.
Further reading:
The benefits of pre-pack administrations
Latest UK businesses in administration
How to profit from buying distressed businesses
Real-time map of companies in administration
Indicative offers are required by 12:00hours on Monday 20 January 2020 with a view to completion shortly thereafter. The proposed Joint Administrators are seeking parties interested in the business and assets of a Company that trades as a recruitment...
LEASEHOLD
Offers and proof of funding sought by 17:00hours on Friday 24 January 2020. The Joint Administrators are seeking parties interested in the business and assets of a commercial contractor business based in the Midlands.
Provides highly skilled and professional hospitality staff across a variety of sectors. Recognised as both a preferred and top tier supplier for several of its prestigious clients. Supplying both temporary and permanent Nationwide staffing solutions....
LEASEHOLD
|
17
|
|
Jan
|
Sample book and shade card manufacturer acquired from administration | BUSINESS SALE
The business and assets of Yorkshire-based display products ...
|
16
|
|
Jan
|
Northgate and Redde shareholders approve merger | MERGER
The proposed merger of listed companies Northgate and Redde ...
|
15
|
|
Jan
|
SSE sells retail business to OVO Energy | DIVISION SALE
Power utility SSE has announced it has completed the sale of...
Sign up to receive our acquisition alert emails to get your FREE guide
|
08
|
|
Jul
|
Cosmetic surgery company bought out of administration | ADMINISTRATION
Cosmetic surgery company Transform Medical Group has been bo...
|
23
|
|
Feb
|
Shortfall incurred after Eco Plastics administration | ADMINISTRATION
It is believed that an unsecured shortfall of £14 mill...
|
20
|
|
Feb
|
European investor acquires craft products supplier | BUSINESS SALE
The UK operation of a historic craft products supplier has b...
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