Plastics recycling firm goes under

0
Have your say

A Sheffield plastics recycling business has collapsed into administration with the loss of 19 jobs.

R3 Products of Ecclesfield ceased trading shortly after the appointment of administrators Charles King and Hunter Kelly of EY’s restructuring team on February 18.

Four of the company’s remaining five employees have subsequently been made redundant and all former employees are being offered support in making claims for redundancy and notice pay.

One employee has been retained to assist the administrators for a short period.

R3 Products made 14 redundancies during February 2015, prior to the appointment of the administrators.

Charles King said: “R3 Products Limited incurred losses since it was established in 2011, funded by a number of investors.

“Despite management’s efforts to save the company, the continued funding of the losses became unsustainable and administrators were appointed.

“It is with regret that the company’s remaining employees have been made redundant. We are now in the process of realising the company’s assets.”