Faced with rising utility costs, West Midlands recycling company QC Polymer has gone into administration. Licensed insolvency practitioners Hasib Howlader and Nimish Patel, both authorised by the Institute of Chartered Accountants in England and Wales, have been appointed as joint administrators. They will oversee the business operations while seeking potential buyers for the company’s assets.
QC Polymer, a specialist in PET recycling based in the West Midlands, entered administration on 29 October 2024. Despite its ambitious growth plans following acquisition by India-based Mysore Petro Chemicals earlier in the year, the company was unable to continue amid the financial pressure. Under its new ownership, QC Polymer had set a goal of reaching £100 million in revenue within five years, capitalising on advancements in recycled polyethylene terephthalate (rPET) technology.
Hudson Weir, the appointed administrators, are now inviting serious interest from potential buyers who are keen to acquire the high-tech machinery used in QC Polymer’s operations.
Hasib Howlader, Director at Hudson Weir, commented: “It is sad to see a green technology business at the forefront of its sector failing due to increased utility costs, in the case of QC Polymer. Brought about by the rising cost of fuel, perhaps it’s time for governments to look at the sustainable environmental businesses in the UK, and help them to thrive. Where the public are incentivised to reduce carbon footprint, I believe that the Government should provide similar incentives to businesses in the environmental sector such as QC Polymer through reduced energy rates.”
Hudson Weir has engaged G J Wisdom & Co as the valuers and auctioneers responsible for handling the sale of QC Polymer’s state-of-the-art plastic bottle recycling plant. Situated in the West Midlands, this modern facility focuses on post-consumer bottle reprocessing and features a complete production line, which includes:
- Bail Break, Trommel Separator, Cap & Label Separator, Tomra Autosort Bottle Sorter with EM3 Metal Sensor
- Ken Mills Aries Horizontal Bailer, Label Remover, Pre-Washer, Granulators, Floating Tanks, Centrifugal Dryers
- Steam Boiler, Hot Wash Tanks, Hot Air Drying System, Blow Down Vessel, Tomra Optical Flake Sorter, Eddy Current Separator
- Discharge Silo & Twin Bagging Stand, as well as various connecting conveyors
In addition to this, the facility is supported by a Boge Direct Air UK Air Compressor with a 1000L Tank & Dryer, two Polymer Preparation Systems, a Dissolved Air Floatation System for water filtration, a weighbridge, and other associated assets. The plant has the capability to produce 18,000 tonnes of 100% clear rPET flakes per year, utilising TOMRA Innosort flake sorters and NIR-equipped auto-sort bottle sorters to ensure the highest quality standards.
Originally costing £1.2 million to establish in 2021/2022, this advanced recycling plant is expected to generate significant interest and is now available by sealed bid tender. The deadline for bids is 2pm on 11th November 2024.
An open viewing of the facility will take place on 6th November 2024 at Unit 14, Cannon Business Park, Gough Road, Bilston, WV14 8XR. The winning bidder will be notified shortly after the tender deadline.
Interested parties are invited to submit their completed tender forms to the auctioneer or their authorised representative by the given deadline. To express interest or obtain more information, please contact Garry Wisdom at G J Wisdom via [email protected].
