Tue, 09 Dec 2014 | BUSINESS SALE
Lincolnshire-based recycling firm Eco Plastics is looking for a new owner to ensure its future as it struggles to keep its head above water.
Its investor Ludgate Environmental Fund said it would write off the carrying value of the company recently, which is £2 million at present, after finding a solution with creditors problematic.
Eco Plastic’s founder and deputy chairman Jonathan Short said in a statement that a new owner is now being sought in order to gain a “long-term platform for future strategic development”.
Financial issues arose after the business opened a new £15 million facility in May 2012 as part of its relationship with Coca-Cola, which was set to increase capacity for Eco Plastics from 100,000 tonnes to 140,000 a year. The initiative called Continuum was to recycle Coca-Cola's bottles and reached half a million bottles in the first year.
Later that year, in December, it also won new funding to the tune of £6 million to support its growth.
Previous investor Jeremy Middleton, of Middleton Enterprises, was positive about the business’ future prospects, and told Insider Media: "Options are being looked at to secure the future of the business. There's been no formal appointment of an administrator. I think with the right level of shareholders and the right backing it might have a good future."
While it has had some “good times” and had entered a working relationship with Coca-Cola, Eco Plastics had proved to be a “disappointment” and hadn’t harnessed its opportunities as well as it might, Middleton added.
_____________________________________________________________
Related information:
Acquisition finance
A specialist nationwide battery distribution company operating nationwide. Established in 1974, the business trades through a comprehensive website and online shop.
A rare occasion to purchase a high-performing mixed dental practice located in a popular Cheshire area.
LEASEHOLD
Opportunity to acquire a Jersey dental practice located in a flourishing area with a totally private client base.
LEASEHOLD
18
|
Apr
|
Education specialist makes second LDC-backed acquisition | BUSINESS SALE
Hybrid, an education media and marketing services firm, has ...
18
|
Apr
|
Administrators appointed to SPV behind £24m Bolton redevelopment | ADMINISTRATION
A special purpose vehicle (SPV) behind a £24 million r...
17
|
Apr
|
Hoxton Capital Management targets more M&A after double acquisition | BUSINESS SALE
International independent financial advisory firm Hoxton Cap...
23
|
Feb
|
Shortfall incurred after Eco Plastics administration | ADMINISTRATION
It is believed that an unsecured shortfall of £14 mill...
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
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.