Company director and founder Robert Truscott has also established a new company, Reclaimed Appliances (EU), through which he has told letsrecycle.com that he intends to continue trading.
A petition was filed by HM Revenue & Customs for the winding up of the company due to unpaid debts, and the company was placed in administration last month. Accounts filed by the company in March show that it owed £820,765 to creditors.
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Reclaimed Appliances (UK) was established in 2012 after the failure of a previous incarnation of the company – Reclaimed Appliances Ltd – went into administration (see letsrecycle.com story).
Mr Truscott bought the assets of the Reclaimed Appliances Ltd, including the rights, plant, machinery and stock for a total of £260,002 in order to establish Reclaimed Appliances (UK).
Competition
Financial services firm UHY Hacker Young was appointed as the firm’s administrator yesterday (November 3) to oversee Reclaimed Appliances (UK)’s liquidation. The company formed by Mr Truscott in 2012 encountered fresh problems, which it claimed were a result of competition for feedstock for the firm’s Lincolnshire reprocessing site.
Speaking to letsrecycle.com, Mr Truscott said: “AATFs have had a tough time, and there have been some players in the market overpaying for waste. We have seen companies like Overtons disappear due to tough market conditions.”
Reclaimed Appliances (EU) Ltd was incorporated on August 29 – ten days after the petition was filed by HMRC.
Mr Truscott also revealed that his the newly formed firm is in “advanced stages” of a merger negotiation with an unnamed reprocessing firm, which it is hoped would guarantee jobs for Reclaimed’s 25 employees.
“We have been talking about a merger for the last couple of months. This gives us the potential for extra strength in depth in terms of human resources.”
He added that Reclaimed EU will seek to “maintain” existing relationships with suppliers, adding that he is confident that market conditions are likely to improve to enable the company to succeed.
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