A receiver has been appointed to Greenstar which employs over 800 people and serves over 80,000 households.

In a statement from the waste company the board said it wanted to express its disappointment at what it called the ‘unexpected’ move.

The company said was regrettable that its lenders have chosen to take this action as the company has not missed any scheduled repayments and is in a strong cash position to continue trading for the foreseeable future.

Greenstar says it had “worked diligently over the course of the past 12 months to market the business and find fresh investment with the primary aim of maintaining maximum employment of over 800 workers who rely on direct employment for and on behalf of Greenstar”.

But it adds that the Board had no option but to facilitate the banks in appointing a receiver.

The firms says it hopes the receiver will continue the business of the group and retain existing staff.

Greenstar was founded in 1999 and serves 15,000 commercial customers and over 80,000 households.

The sustainable waste resource management and recycling solutions company provides direct employment to over 840 people across a network of 20 licensed and permitted sites.