Unimetals, a recycling company with several locations across the UK, has announced that it is filing for liquidation. The company’s headquarters is based in Stratford-upon-Avon, and its operations include sites in London, Halesowen, Staffordshire, Greater Manchester, and Devon. As of now, the timeline for the company’s move into liquidation and the potential impact on employee jobs remain unspecified.
A company spokesperson indicated efforts were made to secure new financing for Unimetals Recycling (UK) Ltd, aimed at fulfilling financial responsibilities and preserving the business’s future. These efforts included launching an expedited mergers and acquisitions process, which involved collaboration with stakeholders to find possible buyers or investors. However, the spokesperson noted that, despite significant interest, a successful transaction was not finalized.
In light of the situation, consulting firm Alvarez & Marsal has been engaged to assist with the next steps in the process. Unimetals acknowledged the challenging circumstances for its employees, recognizing their hard work and dedication since the company’s acquisition of Sims Metal’s UK operations in 2024. The company expressed its intention to manage the liquidation process in a safe, responsible, and transparent manner, prioritizing communication with employees, suppliers, customers, creditors, and regulators. They emphasized the urgency of establishing a clear plan and timeline for future actions.
Source: https://www.bbc.com/news/articles/cr4dx41k3vxo?at_medium=RSS&at_campaign=rss