Speaking to letsrecycle.com today, three weeks after Synmet's collapse, legal firm Daniel Huisman said that, depending on the interested party, a lawyer would be appointed to manage the insolvency and contracts of the company's UK office in Shropshire.
The Telford operation had employed seven people with Synmet UK supplying equipment including balers and trommel screen to facilities like Shanks' Frog Island MBT.
Ariella Vroom, trustee assistant at Daniel Huisman, said: “There is some uncertainty over Synmet's activities in the UK. The operations have not been declared bankrupt there yet. We'll probably look for a voluntary agreement and they'll be a lawyer in the UK but it all depends on the interested party.”
She added: “The lawyer will be appointed in the next month and deal with existing contracts and projects and look after creditors.”
“Over-ambition”
Nico Olde-Keizer, former Synmet sales manager and now sales director for baler producer Boa, explained that the reason for Synmet's bankruptcy was “over-ambition” with respect to contract bids – especially in the UK.
He said: “We have a very good system, but the hunger for turnover was so high that the sales teams wanted any big contract and accepted too low a price. The systems are marvellous, but the contracts weren't good. This, combined with big losses at Synmet's subsidiary Artech due to a technical problem were too much for the group.”
However, Mr Olde-Keizer revealed that all four of Synmet's subsidiaries – Boa, Artceh, Hidding and Nihot – had re-opened for business since the bankruptcy of Synmet.
“Healthy”
Mr Olde-Keizer explained that, with the exception of Artech, all the companies were “perfectly healthy” at the time of Synmet's bankruptcy, and that Boa itself had received over 1 million of order for machinery since it re-opened last week.
He said: “Air technology company Nihot and Boa have been bought by a Dutch holding company called Stibbe Management under an environmental arm which will also have a small consultancy to carry out complete engineering projects.”
Mr Olde-Keizer added that conveyor belt and trommel screen manufacturer Hidding had been bought out by its management, whereas shredding and granulating equipment producer Artech had been bought by Australian company Entag, due to its excellent tyre recycling technology.
He said: “There is a plan for a UK sales office for our equipment but our focus at the moment is on product sales in the Netherlands.”
Subscribe for free