The family-run recycling business Ideal Waste Paper Company Ltd has entered liquidation.
Simon Thomas and Nick O’Reilly, of restructuring and insolvency firm Moorfields Corporate Recovery Ltd, were appointed liquidators on 28 November 2014.
The recycling company was incorporated in 1976 and based in Swanley, Kent.
It suffered during the recession, which led to a significant fall in profit margins. This, in turn, resulted in cash flow issues and considerable creditor pressure.
According to the company’s accounts filed at the end of March 2013 it had nearly £4m in assets.
O’Reilly said: “Sadly upon the company entering liquidation trading ceased and all [35 members of] staff were made redundant. We are now realising assets of the business.”
In March 2011 the company opened its own 100,000 tonne per year capacity MRF. The photo above shows fellow directors Kenny Thew and Simon Scott at the MRF launch.