Representatives from Finance Yorkshire are set to attend a meting of shareholders as the firm looks to recover the funds they invested in failed waste management firm Sterecycle.
The meeting is taking place to see if Finance Yorkshire will be eligible to receive money owed to them at the creditors meting, which will take place in a fortnight’s time.
Finance Yorkshire invested £1.2 million, which in turn is one of their biggest investments yet. The overall investment package into Sterecycle was £5.1 million.
The investment was based upon Sterecycle wanting to expand wanting to expand from their Rotheram base to more sites throughout the UK.
However, after a spell in administration, Sterecycle was closed earlier this month with the loss of 16 jobs.
Alex McWhirter, chief executive of Finance Yorkshire said, “We put finance into opportunities that are risk capital opportunities. In this case we carried out all the due diligence we were expected to carry out.
“Were we disappointed? Of course we were. Is the situation a concern? Of course it is. Are we looking to recover the finance? Of course we are. We aim to get clarity about what the situation means for our investment.”