A MANAGEMENT buy-out of Orthios is underway following the agreement of terms between the company’s previous investors and a new investor.

The arrangement will see CEO Sean McCormick in overall charge of the Holyhead-based materials recovery and green energy company, backed by Lewis Levasseur as Chief Operating Officer and Stephen Haswell as head of finance.

It is hoped that the fresh investment will allow for further growth, new initiatives and jobs creation.

An early priority for the new set-up is to ensure 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 rely significantly less on fossil fuels.

Mr McCormick said: “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.”

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.