Jobs lost as recycler enters administration
PLASTICS recycler CK Group has gone into administration after being hit by tough trading conditions and the impact of oil prices.
The company, which operates under the full title of CKN Holdings, is based in Binbrook, Lincolnshire, and also operated two sites in Hull and Melrose in Scotland.
The company employed 69 staff across the three sites but 42 employees have been made redundant.
Graham Newton and Eddie Kerr from BDO were appointed joint on July 13.
They have continued to trade the company at reduced levels following their appointment and concluded a sale of the business and assets relating to the operations in Hull and Melrose on July 19, with 17 employees transferred to the purchasers.
The remaining ten workers have been retained while a buyer is sought for CKN’s Binbrook operation.
Mr Newton, said: “Unfortunately, the economic climate and difficult trading conditions, together with the impact of oil prices and a reduction in export demand, particularly from China, significantly affected the business.
“However, we have moved quickly to successfully achieve a sale of part of the business securing continued employment for 17 members of staff.
“We are seeking offers for the business and assets of the company’s main trading site at Binbrook from several interested parties and will continue to trade whilst a sale is explored.”
