The administrator appointed following the collapse of Anglesey recycling company Orthios has released a statement. Business Live revealed on Tuesday that the main investor in Orthios had appealed to administrators.
Orthios had taken over the Anglesey Aluminum site at Holyhead in 2016 after the merger was completed in 2009. It built a Materials Recycling Facility (MRF) and was in the process of developing a Plastics-to-Oil (P-2 -O) unit.
But Business Live reported last week that companies had been in contact about unpaid invoices. The company said a management buyout of Orthios is in the works.
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It collapsed and this week around 100 staff were told they had lost their jobs. Begbies Traynor has now been appointed as a director by the lead investor.
They have now released a statement. They said: “Begbies Traynor was appointed as a director of Orthios (Anglesey) Technologies Limited on 25th March 2022 and its subsidiaries Orthios Feedstock (Anglesey) Limited and Orthios Otech 5 Limited on 30th March 2022. The company and its subsidiaries operated a Center recycling center as well as being involved in the development of an associated Plastics to Oil technology plant.
“The group was dependent on substantial funding from investors and was heavily loss-making and needed additional funding for the next stage of development, which could not be secured. As a result, Asher Miller and Stephen Katz of Begbies Traynor were appointed as joint administrators.At the time the administrators were appointed, there were no funds in the business, leaving them with no way to retain staff.
“Jason Greenhalgh, a partner in Begbies Traynor’s North West team, is leading a delegation to the site to answer questions staff will no doubt have at this difficult time and assist them with their complaints to the payments office dismissal from the UK government.The joint administrators are currently working to ensure as successful an outcome as possible for all stakeholders involved.
The firm secured a £1.2m coronavirus business interruption loan scheme backed by the UK government last year and in January was visited by UK Prime Minister Boris Johnson .
A Welsh Government spokesperson said: “This will be a worrying time for workers, their families and the wider Holyhead community. We stand ready to offer our support to those affected by this announcement. »