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Pink Waste & Recycling goes into receivership

  • 20 February 2013
  • By Ashleigh Wight

Shropshire operator Welling, which trades as Pink Waste Recycling, has gone into receivership following a period of trading losses and cash pressure.

A total of 37 jobs were lost at the skip hire and waste firm when Wellings appointed David Bennett and Paul Addison, both of Grant Thornton, as joint administrative receivers on Monday (18 February).

The company, which was licenced to run 24 vehicles and six trailers from a site in Ketley, near Telford, sought the help of corporate finance advisors following a period of losses. They looked for outside investors or a partner to support the directors, but no formal offers were received.

The directors invited the bank to appoint an administrative receiver on 18 February. Some 23 employees remain with the firm to help secure the site and realise its assets.

A Grant Thornton spokeswoman said: “The administrative receivers are currently inviting offers and contacting potential interested parties who may wish to acquire the trade and assets of the business.”

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Article source: http://www.commercialmotor.com:80/latest-news/pink-waste-recycling-goes-into-receivership