Unimetals, a leading metals recycling company, has initiated the process of compulsory liquidation, endangering approximately 650 jobs. With 27 operational sites scattered throughout the UK, the firm is set to commence winding down its operations soon due to unsuccessful attempts to secure a new owner for the business.
This development follows a series of notices signaling the company’s impending appointment of administrators. Despite efforts by Alvarez & Marsal advisors to engage potential buyers, no successful sale transactions were finalized.
A spokesperson representing Unimetals expressed deep concern in a recent statement, acknowledging the distress that this news may bring to all stakeholders, especially the dedicated employees who have strived tirelessly over the past year to revitalize the business since its acquisition from Sims.
The spokesperson emphasized the employees’ commitment, expertise, and resilience, underscoring their pivotal role in the company’s operations. Moving forward, Unimetals aims to collaborate closely with various parties, including employees, suppliers, customers, creditors, and regulatory bodies, to ensure a safe, responsible, and transparent liquidation process.
Emphasizing the urgency of the situation, the company is actively working on formulating a comprehensive plan and timeline for the upcoming proceedings. Unimetals specializes in recycling, processing, refining, trading, and delivering metals and minerals, with a strategic focus on critical, energy transition, and precious metals within the UK and internationally.