STERECYCLE, the waste management firm which received a £5.1m cash injection less than a year ago, has been placed in administration.
A statement on the Rotherham-based company’s website said the move was due to a ‘significant downturn in trading’.
It has suffered from delays in obtaining approval to list on the Toronto Venture Exchange, the statement said.
Sterecycle, which employs 51, had planned to almost double capacity at its Rotherham plant and to open a new site in Wales, if it had been successful.
Tom Shields, Sterecycle’s chief executive, said: “It is with great sadness that the board has 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.”
A spokesman at the firm said they were continuing to trade while a buyer was sought.