Corporate recovery specialists Begbies Traynor, based in Cardiff, have been seeking a buyer for the company since it was placed into administration last week (see letsrecycle.com story) and had set a deadline for interested parties to come forward by yesterday (February 7).
Interest
The administrators have confirmed that after receiving a number of approaches, they will now be assessing the viability of each applicant. Begbies Traynor partner David Hill, said: Thanks to extensive coverage in the regional and trade media, we have had strong interest in Plastic Sorting Ltd and we are now in the process of sifting through the expressions of interest and arranging site visits and meetings with interested parties to determine the best outcome for the business.
We are hopeful that at least one firm bidder will emerge so that we can achieve a lasting result and save what we can of the business.
Grants
Plastics Sorting Ltds recycling plant in Blackwood, north of Caerphilly, had been opened in April 2010 after the company received grants totalling 1.3million from the Welsh Assembly Government and the Charity Bank to develop the facility.
Responding to the news that the future of the plant is in doubt, A Welsh Government spokesman said: We are liasing with the administrators and remain hopeful that a solution can be found to enable work at the site to continue.
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All but three of the firms 30 staff have been made redundant as a result of the company going into administration.
A spokesman for the administrators told letsrecycle.com that it is not yet known how long the possible sale process could take.
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