Wed, 17 Oct 2012 | ADMINISTRATION
Iplas, a recycling business based in Halifax, has entered administration, with Grant Thornton appointed as administrator.
The company used recycled plastics to manufacture a wide range of products, including bollards, decking and fencing, using Zyplex blended polymer.
However, the firm has struggled to stay afloat over recent months and Grant Thornton was appointed to handle an administration of Iplas earlier this month.
Joe Mclean, Grant Thornton partner and administrator, commented: “The business was struggling to attract orders over the last several months and the orders that it did have were not of sufficient margin to keep the business operating.
“Over the last couple of years, the company took on equity investment to take it to the next level. But the expected growth hasn’t matched the investment level.”
He added that Grant Thornton had been requested to find a buyer for the firm before it entered administration but that they had been unable to find an interested party.
Mr Mclean added: “As a result, there was not enough funding to continue to trade. I was appointed as administrator on 2 October and 45 people out of 50 were made redundant. I also contacted the parties that had viewed the business, but none of them have been interested in buying the business, only the equipment and other assets.”
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