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STOCKHOLM – The remaining assets of bankrupt Swedish textile recycling pioneer Renewcell have been acquired by new owners who plan to continue the business under the name of its existing branded recycled fibre 'Circulose'.

Swedish private equity firm Altor has taken ownership of Renewcell's textile-to-textile recycling plant at Sundsvall and is now looking to create a new business strategy and build a new team.

Nicole Rycroft, executive director of the Canopy environmental not-for-profit, who has been one of Renewcell's biggest supporters, said: "We always believed the phoenix would rise from the ashes."

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