CAPA appointed after PwC rescues 400 jobs at recycler

The administrators who rescued a waste collection and recycling company, saving more than 400 jobs in the process, have instructed CAPA to audit sites across the business.

CAPA will be conducting a rates audit at properties around the north of England run by MUKR (formerly Mid-UK Recycling Ltd), after business recovery experts at PwC were called in at the 11^th hour.

MUKR, based in Sleaford, Lincolnshire, had operated from various sites, recycling agricultural and industrial waste and providing renewable fuels. The business had suffered severe cashflow problems during the 18 months to June 2019, when a large capital expenditure programme, a fire at one of its plants, and a loss-making contract reduced revenues.

In the end, Michael Denny and Toby Underwood, of PwC, were appointed administrators of the business on June 12 2019.

Immediately upon their appointment, the administrators sold the business and assets, via a pre-pack administration, to new owner NESWL, safeguarding 420 jobs and enabling the firm to continue trading.

PwC has now instructed CAPA to conduct the rates audits, meaning CAPA’s audit team will be brought in to inspect all data on rates paid out at 10 MUKR sites to local authorities. The auditors will use bespoke software to uncover any anomalies, errors and overspend. Any amounts overpaid will then be recovered for the creditors of MUKR.

The administrators who rescued a waste collection and recycling company, saving more than 400 jobs in the process, have instructed CAPA to audit sites across the business.

CAPA will be conducting a rates audit at properties around the north of England run by MUKR (formerly Mid-UK Recycling Ltd), after business recovery experts at PwC were called in at the 11^th hour.

MUKR, based in Sleaford, Lincolnshire, had operated from various sites, recycling agricultural and industrial waste and providing renewable fuels. The business had suffered severe cashflow problems during the 18 months to June 2019, when a large capital expenditure programme, a fire at one of its plants, and a loss-making contract reduced revenues.

In the end, Michael Denny and Toby Underwood, of PwC, were appointed administrators of the business on June 12 2019.

Immediately upon their appointment, the administrators sold the business and assets, via a pre-pack administration, to new owner NESWL, safeguarding 420 jobs and enabling the firm to continue trading.

PwC has now instructed CAPA to conduct the rates audits, meaning CAPA’s audit team will be brought in to inspect all data on rates paid out at 10 MUKR sites to local authorities. The auditors will use bespoke software to uncover any anomalies, errors and overspend. Any amounts overpaid will then be recovered for the creditors of MUKR.