A MAJOR energy company based on Anglesey has announced it has gone into administration.
Orthios, based on the former 230-acre aluminium works on Ynys Môn, confirmed its main private investor had put the firm into administration on Tuesday (March 29).
This follows a visit to Orthios Eco Parks by the Prime Minister, Boris Johnson, in January, when he learnt about the export potential of “Welsh Oil” and visited its ‘P-2-O’ (Plastics to Oil) plant.
Mr Johnson heard about its ability to convert unwanted plastics into oil, thus tackling plastics pollution and reducing reliance on fossil fuels.
Begbies Traynor, a firm specialising in corporate restructuring, has been appointed as administrator.
A spokesperson for the Orthios management team said: “We are shocked and dismayed by this week’s turn of events and the impact it’s had on our entire staff.
“With a handshake and an exchange of letters we believed we had agreed terms with our main investor last week to do a management buy-out which included releasing funds to cover staff pay.
“Unfortunately, and for reasons we do not yet fully understand, the situation changed with little forewarning yesterday (March 29).
“Further negotiations are now taking place and we very much hope to achieve a positive outcome.”
Virginia Crosbie, Ynys Môn MP, said: “This is very disappointing news for the island and my priority now is supporting those families who are in need of support following the loss of their jobs.
“I will be working with CAB and local charity Môn CF to ensure that support is available.
“It appears there is a hope of a management buyout of the business and I remain in touch with many people involved.
“Orthios was an innovative company but it seems it was let down by its funders.”
Sam Rowlands, MS for North Wales, also expressed concern regarding the news of the loss of 120 jobs at the key economic site.
Speaking in the Senedd, he said: “The announcement is clearly extremely worrying. This will and has come as a shock to many people, and it is so sad seeing the potential of many people losing their jobs.
“I would certainly like to join the calls from the local MP for Ynys Môn to see a real clear plan made for that site, because the opportunities are incredible there, and it is a shame they haven’t been realised yet.”
Mr Rowlands asked what support the Welsh Government had provided to Orthios in recent months, before the announcement, and what steps had been made to reach out to them over recent months.
He added: “This is a key site for economic activity in North Wales and I am shocked and dismayed that this potential hasn’t been realised.”
Attempts were also made to contact Begbies Traynor.