Business

Polyval, which launched a range of biodegradable and compostable polyvinyl alcohol resins and films in March 2006, has gone into administration.

The Milton Keynes company, which continues to trade, said at its launch that its Enpol technology would challenge the dominance of PE and other thermoplastic polymers because the production process was faster, cheaper, and its formulations could be tailored to a much wider range of applications.

It planned to licence the technology to film manufacturers.

Polyval's administrator Nimish Patel told Packaging News: "We are currently looking for potential purchasers for the company and expect a deal to be done within the next month or so."

He added that the company had suffered because of a lack of capital.

In its last filed accounts, for the year ended 31 December 2006, Polyval made an operating loss of £685,323 and a pre-tax of loss £837,570.