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According to corporate restructuring company Begbies Traynor, the number of UK companies in ‘significant financial distress’ was up more than 30% in the first quarter of 2024. The number stood at more half a million, with the increase in the construction sector reported at 40%.

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Construction has started on a £15.6 million anaerobic digestion (AD) plant that will be operated by Eco Sustainable Solutions to convert food waste and organic materials to fuel.

There was a 20% year-on-year increase in businesses facing ‘critical financial distress’. Many of these are expected to become insolvent during the next year.

The government has outlined a traffic light-style assessment for the ease of recycling different household materials to inform fees payable to manage packaging as waste

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Go Plant went into administration earlier this year. The company had reported a turnover close to £45m in June 2022, when it employed more than 400 staff. But this had fallen the following year to an operating loss of £3.2m.

The joint administrators completed the sale of several depots owned by Go Plant securing 116 jobs. But they closed the company’s remaining sites because no buyer could be found, leading to an undisclosed number of redundancies.

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Martin Smith, chief executive of Sweeptech, said the deal solidifies its position in the waste market as “the sole national provider of road sweeping and waste management services”, with a network of depots in every region of England.

Depots formerly owned by Go Plant, the Leicestershire-based national supplier of waste services, as well as plant and vehicle hire, have been bought by Sussex-based Sweeptech Environmental Services.

Denny said: “We are delighted to have completed a sale of depots across the north of England, preserving substantial employment. We will work closely to support those unfortunately made redundant.”

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Administrators Mike Denny and Jonny Marston, of Alvarez & Marsal, blamed challenging market conditions, in particular cost pressures and a subdued UK house-building market.

He said: “We are thrilled to announce the acquisition of Go Plant, which marks a significant milestone in our journey towards becoming a truly national waste management company. This strategic move underscores our unwavering commitment to customer services.  environmental sustainability and regulatory compliance.”

The latest annual handbook offers subscribers expert insight into a range of waste sector developments touching on materials, local authority capability and crime

Julie Palmer, Begbies Traynor partner, said: “Since the pandemic, hundreds of thousands of businesses have depleted their financial reserves and loaded their balance sheets with increasingly unaffordable debt. We are starting to see this translate into larger companies entering insolvency.”