One of the UK’s largest metal recycling plants has filed for compulsory liquidation and hundreds of jobs are at risk.
Unimetals Recycling operates 28 sites across the UK and it is expected to collapse immediately liquidation proceedings could happen as early as Tuesday.
advisers from Alvarez & Marsal have been managing discussions with potential buyers, but a sale failed to materialise.
A spokesperson for Unimetals said, “We have worked tirelessly to explore every possible option to secure new financing for Unimetals Recycling, with the aim of meeting our financial obligations and safeguarding the future of the business.
“This included an accelerated mergers and acquisitions process, supported by our advisers and undertaken in full collaboration with stakeholders, to identify potential buyers or investors.
“Regretfully, despite substantial interest and attempts at completing a deal, no transaction was concluded.”
The spokesperson added, “We recognise how distressing this news will be for everyone connected to Unimetals Recycling, particularly our employees who have worked tirelessly over the last year since we acquired it from Sims to try and turn this business around.”
They are “working urgently to agree on a clear plan and timeline for what happens next,” and given they are part of Britain’s steel supply chain the government is watching closely.
Leave a Comment