A recycling venture regenerating a former aluminium works says it is arranging to settle “outstanding invoices” after securing a new funder. Orthios took on the former Anglesey Aluminium site in Holyhead in 2016 after smelting came to an end in 2009.
The company had originally announced it wanted to build a 299 mw plant and hydroponic and aquaculture centres but funding for this later fell through. However the firm has built a materials recycling facility (MRF) and is in the process of developing a Plastics-to-Oil (P-2-O) unit.
Last year bosses secured £1.2m in funding for new recycling equipment from the 海角视频 Government-backed Coronavirus Business Interruption Loan Scheme - supported by Ynys Mon MP Virginia Crosbie, who described the company as “fantastic” and “ingenious”. In January Prime Minister Boris Johnson toured the site(pictured) on a visit to North Wales. The firm says around £70m has been invested into restoring and developing the site.
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But North Wales Live was contacted recently over concerns about outstanding invoices. Orthios Eco Parks (Anglesey) posted losses of £10.4m in 2021 and £8.1m in 2020.
The company yesterday announced that a management buy-out of Orthios is underway following the “agreement of terms between the company’s previous investors and a new funder that will allow for further growth, new initiatives and jobs creation”.
CEO Sean McCormick said: “We are contacting all suppliers to explain what is happening and arrange a schedule for settling any outstanding invoices.” The firm did not name the new funder.
The arrangement will leave Sean McCormick in overall charge of the company, backed by Lewis Levasseur as chief operating officer and Stephen Haswell as head of finance.
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A spokesperson added: “An early priority for the new set-up is to get the company’s recently-completed Materials Recycling Facility up and running again after a stoppage due to technical issues and the installation of new equipment. Another is to complete the build phase of its ground-breaking Plastics-to-Oil unit and begin converting hard-to-recycle plastics into a synthetic oil and by-products which make significantly less call on fossil fuels.”
Sean McCormick said: “We’re grateful for the contribution of our initial investors to what’s been achieved on site so far but the world’s need to solve plastic pollution, take a more sustainable approach to finite resources and develop new forms of energy is becoming more and more pressing. Our new backers have the capacity to greatly accelerate the role Orthios can play in meeting these needs while also boosting the local economy and jobs.”
They added: “The site already employs more than 100 people and expects the number to grow throughout this year. Staff, customers and suppliers are being informed of the new deal which is expected to take around eight weeks to finalise.”