Ethos Recycling sold after entering administration
Uxbridge-based recycling firm Ethos Recycling has been sold less than two weeks after entering administration.Administrator Pitman Cohen LLP, which is based in West London, confirmed today (March 9 2010) to letsrecycle.com that the company was placed into administration on February 25 but has since been sold to Ethos Environmental Management Limited, which has a number of similar shareholders.
Ethos Recycling had operated from its base in Uxbridge and has promoted itself as delivering a high rate of recycling from the material it collected.
In January 2008, Ethos – formerly Sweeney Environmental – took on a project being developed in Avonmouth under Defra's £30 million New Technologies Demonstrator Project, which was launched in 2003 to showcase new waste treatment methods.
Ethos purchased the project after the firm originally set to develop the pyrolysis with gasification plant, Compact Power, entered administration in September 2007 (see letsrecycle.com story). Ethos was also pledged the grant money to be issued to Compact by Defra and originally stated for the project as being £5 million.
However, Ethos withdrew from the project without completing the requisite number of operational hours before the deadline for the Project's report stage on March 31 2009 (see letsrecycle.com story).
Ethos was unavailable for comment.
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