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Deadline named for offers for Plastics Sorting Ltd

Administrators managing the failed recycling business Plastics Sorting Ltd (PSL) have imposed a deadline of this Friday (17 February) for would-be buyers to make an offer in writing.

Begbies Traynor said 40 expressions of interest had been registered for the Welsh business, which went into administration on 1 February.

Of these, 32 have received a sales pack, and around a dozen viewings have been conducted.

Partner David Hill said: “We are very hopeful that we will receive offers, have something on the table worth considering, and subsequently achieve a sale.

“We will sit down next week, see what has been forthcoming, and start negotiating. But at this stage we cannot speculate on who the buyer might be or how long a deal may take to complete.”

PSL, based at Blackwood Business Park, Pontllanfraith, near Caerphilly, has the largest capacity polyethylene terephthalate reprocessing plant in the UK, and had an annual turnover of £1.2m.

It buys in empty plastic drinks bottles and sorts, washes and chips them for resale to the plastics industry. When it was launched, PSL was billed as a “strategic investment in the plastic supply chain for Wales, the West Midlands and the West of England”.

The company involves social enterprise and the private sector, with the support of the Welsh Assembly Government and the Charity Bank.

The Campaign for Real Recycling told MRW PSL had been damaged by a lack of material quality.

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