Sterecycle enters administration as trading suffers
Waste treatment and renewable energy provider Sterecycle has gone into administration following a "significant downturn" in trading results.
Guy Hollander and Mike Wellard of Mazars LLP have been appointed as joint administrators to the Sterecycle group of companies which comprises Sterecycle (Rotherham), Sterecycle Management Services and Sterecycle Holdings. It is believed a buyer is being sought for the business.
Sterecycle operates a waste treatment autoclave facility in Rotherham which employs a sterilisation process using steam and high pressure and recover recyclables.
The board of the company cited the substantial fall in global recyclate prices and protracted delays in obtaining approval to proceed with a public listing on the Toronto Venture Exchange as being key contributors to its financial demise.
In a statement Sterecycle CEO Tom Shields said: "It is with great sadness that the board has reluctantly decided to call in an administrator having explored all practical options to continue trading with the company in its present form.
"I would thank all those who have supported the company through this difficult time."
Last year an explosion at the Rotherham plant killed a worker and left another seriously injured. The explosion was so great it blew a hole in the side of the building.
Earlier this month waste process engineering firm Enpure entered into administration following a challenging period of trading.