Unimetals collapses placing 650 jobs in danger as main recycling agency winds down
Unimetals has filed for compulsory liquidation, putting about 650 jobs at risk – the company is expected to begin winding down as soon as Tuesday
Leading metals recycling company Unimetals is facing compulsory liquidation, placing approximately 650 jobs at risk. The firm is expected to start its wind-down process as early as Tuesday (November 25) following unsuccessful attempts to secure a buyer.
This development follows multiple recent notices of intent to appoint administrators. Despite Alvarez and Marsal advisers facilitating talks with potential purchasers, they were unable to clinch a deal, reports the Mirror.
Unimetals Recycling has headquarters in Stratford-upon-Avon and operates 28 sites nationwide. 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.”
The group said it was “working urgently to agree on a clear plan and timeline for what happens next”.
It is understood the Government is watching the firm’s collapse closely, given its role in Britain’s steel supply chain.
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