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Circular Economy Pioneer Plunges into Administration
1 May
Summary
- Plastic Energy, a 14-year-old British recycling firm, has entered administration.
- The company employs 200 people globally and specializes in converting plastic waste into oil.
- Administrators have been appointed to explore rescue or restructuring options for the business.
Plastic Energy, a London-headquartered company established in 2012, has entered administration on April 27, 2026, after 14 years of operation. The firm, which employs 200 individuals across the UK, Singapore, Malaysia, Spain, and France, is a leader in creating a circular economy for plastics. Its unique patented process converts end-of-life plastic waste into a synthetic oil, known as TACOIL™, which can be used as feedstock for new plastics, thereby reducing reliance on fossil fuels and diverting waste from landfills.
Administrators Geoffrey Paul Rowley and Patrick Donnan of FRP Advisory Trading Limited have been appointed to manage the process. While the exact reasons for the company's financial difficulties are unclear, entering administration allows the business breathing room. This process aims to either rescue viable parts of the firm, restructure operations, or achieve a better return for creditors by selling assets. This situation follows similar administrations affecting other British manufacturers and high street retailers in recent months.
