North Wales CRT reprocessor to be sold

In January 2012, the company claimed it had been forced to seek insolvency advice as a change in Environment Agency guidelines regarding the storage of broken CRT glass would have required it to invest heavily in new facilities at its Rhydymwyn, Flintshire plant (see letsrecycle.com story).

Talks

It was later announced that the company was in discussion with a third party interested in providing finance to make the necessary alterations to the companys facilities to allow it to continue operating (see letsrecycle.com story).

However, these talks appear to have broken down, and financial firm Baker Tilly Restructuring and Recovery LLP are currently overseeing the sale of the business and its assets through commercial property specialists Walker Singleton, based in Halifax.

Potential bidders have been advised that all parties are looking to complete a sale quickly.

Lindsey Cooper a partner at Baker Tilly, said: At its core CRTR appears to have a viable business model and it has developed a market leading position within the industry, servicing clients within the UK and overseas.

Following the imposition of a variance in the licensing agreement at national level by the Environment Agency, the directors concluded that, whilst the Environment Agency intimated a willingness to work together to achieve compliance, they could not continue to trade beyond the immediate short term without the additional funds required for the capital expenditure necessary to comply with the new requirements.

Investment

Around 1 million was invested into the Flintshire facility, which opened its doors in December 2007 (see letsrecycle.com story). The plant has the capacity to process up to 30,000 tonnes of CRT glass from television and computer monitors per year.

CRT Recycling said it had around a 30% share of the CRT recycling market, processing around 23-24,000 tonnes of CRT glass per year at the Rhydymwyn plant. All 19 of the companys full time staff lost their jobs as a result of the closure of the plant, which also employed a number of employees on a temporary basis.

The company had developed a process which enabled it to recycle CRTs which were received in a broken state, by mechanically separating funnel glass and panel glass, allowing the processed glass to be used in markets other than CRT manufacturing.