Last Updated on: 4th November 2024, 03:00 pm
West Midlands-based PET recycling company QC Polymer has entered administration, largely due to the financial burden of rising utility costs. Licensed insolvency practitioners Hasib Howlader and Nimish Patel, authorised by the Institute of Chartered Accountants in England and Wales, have been appointed as joint administrators. They will manage the business and oversee the sale of the company’s assets while seeking interested buyers.
QC Polymer, which specialises in PET recycling, went into administration on 29 October 2024. Despite ambitious expansion plans following its acquisition by Mysore Petro Chemicals from India earlier this year, the company struggled to survive financially. It had aimed to achieve £100 million in revenue over the next five years by leveraging innovations in recycled polyethylene terephthalate (rPET) technology.
Hudson Weir, appointed as the administrators, is now welcoming serious interest from prospective buyers seeking to purchase QC Polymer’s specialised recycling equipment.
Hasib Howlader, Director at Hudson Weir, remarked: “It is sad to see a green technology business at the forefront of its sector failing due to increased utility costs, in the case of QC Polymer. Brought about by the rising cost of fuel, perhaps it’s time for governments to look at the sustainable environmental businesses in the UK, and help them to thrive. Where the public are incentivised to reduce carbon footprint, I believe that the Government should provide similar incentives to businesses in the environmental sector such as QC Polymer through reduced energy rates.”
Hudson Weir has appointed G J Wisdom & Co as valuers and auctioneers to manage the sale of QC Polymer’s modern plastic bottle recycling plant. Located in the West Midlands, this facility specialises in post-consumer bottle recycling and boasts a complete production line including:
- Bail Break, Trommel Separator, Cap & Label Separator, Tomra Autosort Bottle Sorter with EM3 Metal Sensor
- Ken Mills Aries Horizontal Bailer, Label Remover, Pre-Washer, Granulators, Floating Tanks, Centrifugal Dryers
- Steam Boiler, Hot Wash Tanks, Hot Air Drying System, Blow Down Vessel, Tomra Optical Flake Sorter, Eddy Current Separator
- Discharge Silo & Twin Bagging Stand, along with various connecting conveyors
Supporting equipment at the site includes a Boge Direct Air UK Air Compressor with a 1000L Tank & Dryer, two Polymer Preparation Systems, a Dissolved Air Floatation System for water filtration, a weighbridge, and other associated machinery. The plant’s production line has an annual output of 18,000 tonnes of 100% clear rPET flakes, using top-of-the-line TOMRA Innosort flake sorters and NIR auto-sort bottle sorters to guarantee exceptional quality standards.
This cutting-edge recycling plant, originally established at a cost of £1.2 million in 2021/2022, is expected to attract significant interest and is being sold via sealed bid tender. The deadline for submissions is 2pm on 11th November 2024.
An open viewing of the facility will be held on 6th November 2024 at Unit 14, Cannon Business Park, Gough Road, Bilston, WV14 8XR. The successful bidder will be notified shortly after the tender deadline.
Interested parties are invited to submit tender forms to the auctioneer or their authorised representative by the specified deadline. For more details or to express interest, please contact Garry Wisdom at G J Wisdom via garry.gjwisdom@gmail.com.
