Partners from the Manchester office of insolvency firm Begbies Traynor, Paul Stanley and Dean Watson, have been appointed as liquidators to Eccles-based waste processing business White Recycling Limited.
Run by brothers David and Steven White, the company had operating centres in Manchester and Burnley and a materials recovery plant in Eccles, as well as a fleet of 40 vehicles.
But the business was forced to close, with the loss of around 70 jobs, on 15 January following the withdrawal of its operating licences by the Environment Agency.
White Recycling had run into financial and regulatory difficulties and had been looking to raise additional funds to improve another site in Ardwick, but had failed.
Paul Stanley said: “Firms in the waste processing and disposal sector are finding it increasingly difficult to compete due in part to changes to the regulatory environment, such as the extension of the Landfill Tax Escalator.
“It is unfortunate to see an established Manchester-based business being placed into liquidation, especially given the number of redundancies this brings.
"Although the company’s main assets such as machinery and premises were leased, we are currently talking to several interested parties to see if any parts of the business can be rescued. The leases on the sites have been disclaimed back to the relevant landlords by the liquidators.
The business was started in 1958 by former chairman Stewart White as a scrap metal processor, and gradually evolved into a recovery and processing firm, rebranding as White Recycling in 2011.
Affected employees should contact Stacey Walsh in Begbies Traynor's Manchester office on 0161 837 1700.
Paul qualified as a chartered accountant in 1987 with Arthur Andersen an international accounting practice. He worked on audits, management consultancy and buy out due diligence before specialising in insolvency and investigations. In 1990 he was granted an insolvency licence by ICAEW.
He worked on the Robert Maxwell private company administrations in the Middle East in the early nineties and developed strong banking relationships. In 1993 he joined up again with ex-Andersen's colleague Ric Traynor as Ric's first partner in the firm which later changed its name to Begbies Traynor. Paul acts as managing partner in the Manchester office and sits on both the firm's management and technical committees. He has a reputation as a straight-talking, honest advisor who is both technically strong and commercial.