British PET recycler Q C Polymer Limited filed for administration at the end of October. Turnaround specialist Hudson Weir has been tasked with running the business and finding suitable buyers for its assets. Hasib Howlader and Nimish Patel, directors at the insolvency practitioners firm, have been appointed as joint administrators. Hudson Weir has appointed auction house G. J. Wisdom & Co to manage the sale of Q C Polymer’s machinery.
Q C Polymer was founded in 2021 in Bilston, near Birmingham. Indian company Mysore Petro Chemical Limited (MPC) acquired a majority stake in the firm at the beginning of 2024. According to MPC's 2023/24 annual report, the company initially acquired 80 per cent of the share capital in Q C Polymer for £900,000, equivalent to about €1.1m). Mysore subsequently acquired an additional £360,000 in ordinary shares, increasing its stake in the recycler to 85 per cent. Following the takeover by Mysore Petro Chemicals, the British recycler had set itself a target of reaching £100m in revenues within five years.
The firm reportedly had to file for insolvency because it faced increasing pressure from high operating expenses. Pointing to the rising utility costs, the joint administrator Mr Howlader called on the government to help sustainable businesses. Q C Polymer Limited has a production capacity of 18,000 tonnes per year of clear PET flakes. Its facility, constructed in 2021 and 2022 at a cost of £1.2m, has a modern flake sorter and a Tomra automated bottle sorting line equipped with NIR sensors.
