Unimetals Recycling (UK) has filed for compulsory liquidation, affecting over 650 employees as the company was unable to find a buyer. The winding-up petition was submitted on Monday after efforts to secure new financing were unsuccessful. Founded in 2023 by Jamie Afnaim and Alec Sellem, Unimetals aimed to acquire businesses in metals recycling, particularly focusing on critical minerals essential for transitioning away from fossil fuels.
In October 2024, the company purchased UK assets from Australian firm Sims for £195 million, which included four metal shredders and three port facilities across 27 locations, with its headquarters in Stratford-upon-Avon. However, Unimetals has faced difficulties due to an oversupply of scrap and steel, leading to decreased prices. Although Sims granted the company a delay on a final payment, Unimetals was unable to secure the necessary funds.
During Sims’s ownership, the business reported a loss of £22 million for the year ending June 2023, marking the last available accounts. Recently, Unimetals filed three notices of intention to appoint administrators prior to the winding-up petition. A company spokesperson stated that Unimetals explored all options for financing, including an accelerated mergers and acquisitions process aimed at finding potential buyers or investors.
The spokesperson expressed regret at the lack of a concluded deal and acknowledged the challenging situation for employees, indicating that efforts are underway to develop a clear plan regarding the company’s future. Alvarez & Marsal, a professional services firm, is reportedly involved in discussions about Unimetals’ next steps. Additionally, Unimetals operates a hydrometallurgical facility near Abu Dhabi’s port at Kezad.
Source: https://www.theguardian.com/business/2025/nov/24/jobs-at-risk-scrap-metals-liquidation-unimetals