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SFP completes sale of Centrol Recycling Group Limited PDF Print E-mail
Tuesday, 16 June 2015

The nationwide insolvency practitioners, SFP, has completed the sale of Centrol Recycling Group Limited (‘Centrol’), a family run business set up in the 1960s that specialises in waste disposal and recycling.

Simon Plant and Daniel Plant of SFP – both licenced by the Insolvency Practitioners Association – were appointed as Administrators of Centrol on 11 May 2015, following a breach of its Company Voluntary Arrangement (‘CVA’) and a petition to wind the business up.

Despite a multi-million pound turnover, and having a significant trading history, the company’s situation was dire at the point of Administration.
 
Centrol had lost its licence and accumulated over 600 tonnes of municipal waste, which was subject to a removal notice issued by the Environment Agency (‘EA’).
 
This waste had attracted the attention of over 200 residents, the Director of Public Health, and the Local MP – who all wished to see the waste disposed of in a timely manner.
 
Upon appointment, SFP was proactive in attending to the matter of the waste, following direct dialogue with the EA.  Simultaneously, the business was marketed and a buyer sought, in the interests of preserving jobs and maximising realisations.
 
Simon says it was one of the most sensitive and challenging cases they have recently had to handle: “The legitimate concerns of local residents had to be considered and we worked closely with the EA and local parties to ensure the waste was cleared with the minimum of additional disruption and the maximum care.”
 
SFP sought the advice and guidance from the EA to address the removal of the waste from the site. The EA was kept fully appraised of the Joint Administrators evolving strategy and the significant efforts of SFP to clear the site in a timely fashion are acknowledged. The direct and prompt actions of SFP has ultimately enabled a positive outcome and avoided a more serious environmental concern.
 
Simon added that: “Centrol could not fund the removal of the waste and accordingly, my firm spent significant sums instructing a recognised contractor to attend to it. It was a complex scenario but ultimately, the interests of public health needed to prevail and I am pleased to have played such a significant role bringing to an end such a wide reaching concern.
 
“During the waste clearance process, several interested parties were in attendance, and a sale of the business was subsequently agreed and completed on 21st May 2015.”

(Source - SFP Press Release)
 

 

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