After gaining additional funding, a recycling enterprise that is rebuilding already shut-down aluminium plant claims it is planning to settle "outstanding invoices" of the already shut down Anglesey Aluminium plant. After smelting ceased in 2009, Orthios acquired the old Anglesey Aluminium plant near Holyhead in 2016.
Anglesey Aluminium was a joint venture between Rio Tinto and Kaiser Aluminium. However, in September 2009, the Anglesey Aluminium plant was shut down, as they failed to achieve a reduced energy arrangement. The decision was taken jointly by co-owners Rio Tinto Group and Kaiser Aluminium.
Orthios had previously stated its intention to construct a 299 MW plant as well as hydroponic and aquaculture centres, however, finance for these projects got terminated. The company, on the other hand, has developed a materials recycling facility (MRF) and is working on a Plastics-to-Oil (P-2-O) unit. In 2016, smelting was again resumed.
Last year, Orthios received £1.2 million in funding from the UK Government's Coronavirus Business Interruption Loan Scheme, which was sponsored by Ynys Mon MP Virginia Crosbie, who called the enterprise "fantastic" and "ingenious." On a visit to North Wales in January, Prime Minister Boris Johnson viewed the site. Around £70 million has been invested in the site's restoration and development, according to the company.
However, North Wales Live was recently notified regarding overdue invoices. Orthios Eco Parks (Anglesey) lost £10.4 million in 2021 and £8.1 million in 2020.
Following an agreement of agreements between the firm's prior investors and a new backer, the company announced yesterday that a management buy-out of Orthios is underway, allowing for continued expansion, new projects, and job creation.
“We are contacting all suppliers to explain what is happening and arrange a schedule for settling any outstanding invoices,” said Sean McCormick.
Sean McCormick will continue to lead the firm as CEO, with Lewis Levasseur as a chief operating officer and Stephen Haswell as head of finance.
“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,” said spokesperson.
“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,” added Sean McCormick.
“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," said the company.
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