Staffordshire plastic recycler What-a-Waste has been bought out of administration by former directors.
Quantuma was appointed as administrator on 18 August and announced that What-a-Waste staff transferred to the new recycling company Plasticity (Worldwide).
Company records show that Richard Hudson and Christopher Smith are directors of Plasticity and were previously with What-a-Waste.
Paul Goddard, a partner at Quantuma, said: “Despite implementing a number of changes to reduce costs and increase sales, due to external market factors the company was unable to overcome the pressures on its cash flow.
“The business was reviewed and a buyer was secured for the business. This represented the best outcome in challenging circumstances.
“We are delighted that all jobs have been saved with the transfer of staff to Plasticity (Worldwide), and the business can now move forward on a secure financial footing.”
Quantuma was also responsible for the administration of Murphy’s Waste, a recycler in south-east London that went into administration on 21 July.
Murphy’s Waste had received a total of 10 enforcement notices by the Health and Safety Executive between 2009 and early 2014, and was described as having a “dismal record of compliance”.