Waste treatment and renewable power company Sterecycle has appointed two administrators from accountants Mazars in an attempt to save the struggling firm.
Sterecycle had recently failed to negotiate a takeover deal with SAO, a shell company used as a means of listing companies in Canada.
The company’s board said that in light of a “significant downturn in trading results following a substantial fall in global recyclate prices” and delays in getting listed on the Toronto Venture Exchange it had no option but to commence administration proceedings.
Chief executive Tom Shields 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 company’s facility in Rotherham was billed as the world’s first commercial scale autoclave waste treatment operation when it started up in 2008. The plant uses steam and pressure to recover up to 80% of domestic, commercial and industrial mixed waste.
In January 2011 a 42-year old worker was killed and another injured at the plant when there was an explosion at one of the autoclaves.