News: Sterecycle goes into administration
Clean technology company, Sterecycle, which has a pioneering waste processing plant in Rotherham, has gone into administration.
The company, which was recently valued at £56m, uses a patented steam processing method called autoclaving to "pressure cook" household and commercial black-bag waste. The Rotherham plant recovers waste in the form of recyclables and a biomass rich soil like substance called "Sterefibre" which has a number of uses.
The Templeborough site has been operational since August 2008 and employs 70 local people. It is as a blueprint for a future roll out of waste processing sites around the country. The site also processes 70,000 tonnes of municipal waste from the councils in Barnsley, Doncaster and Rotherham.
Sterecycle announced the appointment of Guy Hollander and Mike Wellard of Mazars LLP as administrators earlier this week.
The board concluded that it was due to "a significant downturn in trading results following a substantial fall in global recyclate prices."
The firm had also been stockpiling Sterefibre, which can be used as a biomass fuel and in agriculture, at a quarry in Doncaster.
A delayed deal was also being being put in place between Sterecycle and Spara Acquisition One Corporation, a fledgling company trading on Canada's TSX Venture exchange. A takeover would have enabled Sterecycle to trade on the Canadian exchange and raise funds through the sale of shares.
The deal is now off.
Tom Shields, CEO at Sterecycle, said: "It is with great sadness that the Board has today reluctantly decided to call in an administrator having explored all practical options to continue trading with the company in its present form. I would thank all those who have supported the company through this difficult time."
The world's first commercial scale autoclave plant grew in terms of capacity and job numbers. It has impressed royals, government ministers and investors.
In contrast, the operation was constantly working to overcome odour issues and suffered a fatality when a waste incinerator exploded in January 2011.
In December of 2011, Sterecycle secured £5.1m of investment to expand the waste processing capacity at the plant.
The funding package included a £1.25m investment from the Finance Yorkshire Equity Fund. A second new investor, German businessman Lars Windhorst, and existing investors including Aston Hill Financial from Canada contributed the remaining £3.85m.
The aim was to increase capacity to 170,000 tonnes of unsorted black-bag waste from local households and businesses and for around 80 - 90% of typical household waste to be recycled and recovered. The site also had planning permission for an energy from waste facility. A new 48-tonne capacity autoclave went into full production In April.
Sterecycle website
Images: Sterecycle
The company, which was recently valued at £56m, uses a patented steam processing method called autoclaving to "pressure cook" household and commercial black-bag waste. The Rotherham plant recovers waste in the form of recyclables and a biomass rich soil like substance called "Sterefibre" which has a number of uses.
The Templeborough site has been operational since August 2008 and employs 70 local people. It is as a blueprint for a future roll out of waste processing sites around the country. The site also processes 70,000 tonnes of municipal waste from the councils in Barnsley, Doncaster and Rotherham.
Sterecycle announced the appointment of Guy Hollander and Mike Wellard of Mazars LLP as administrators earlier this week.
The board concluded that it was due to "a significant downturn in trading results following a substantial fall in global recyclate prices."
The firm had also been stockpiling Sterefibre, which can be used as a biomass fuel and in agriculture, at a quarry in Doncaster.
A delayed deal was also being being put in place between Sterecycle and Spara Acquisition One Corporation, a fledgling company trading on Canada's TSX Venture exchange. A takeover would have enabled Sterecycle to trade on the Canadian exchange and raise funds through the sale of shares.
The deal is now off.
Tom Shields, CEO at Sterecycle, said: "It is with great sadness that the Board has today reluctantly decided to call in an administrator having explored all practical options to continue trading with the company in its present form. I would thank all those who have supported the company through this difficult time."
The world's first commercial scale autoclave plant grew in terms of capacity and job numbers. It has impressed royals, government ministers and investors.
In contrast, the operation was constantly working to overcome odour issues and suffered a fatality when a waste incinerator exploded in January 2011.
In December of 2011, Sterecycle secured £5.1m of investment to expand the waste processing capacity at the plant.
The funding package included a £1.25m investment from the Finance Yorkshire Equity Fund. A second new investor, German businessman Lars Windhorst, and existing investors including Aston Hill Financial from Canada contributed the remaining £3.85m.
The aim was to increase capacity to 170,000 tonnes of unsorted black-bag waste from local households and businesses and for around 80 - 90% of typical household waste to be recycled and recovered. The site also had planning permission for an energy from waste facility. A new 48-tonne capacity autoclave went into full production In April.
Sterecycle website
Images: Sterecycle
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