Greater than 650 jobs in danger as scrap metals large information for liquidation | Enterprise

[ad_1] Greater than 650 staff face the prospect of redundancy after the scrap metals group Unimetals filed for obligatory liquidation.

The homeowners of Unimetals Recycling (UK) filed a winding-up petition for the enterprise on Monday, after failing to discover a purchaser.

The scrap metals trade generates billions of kilos of income annually by recycling metals equivalent to metal, aluminium and copper that may be made into new merchandise.

The swap to electrical arc furnaces that soften down recycled metal has given added hope for the sector’s longer-term prospects.

Unimetals was based in 2023 by Jamie Afnaim and Alec Sellem, two metals merchants, in line with UK firm disclosures. On a social media profile, Sellem described the group’s intention to purchase up metals recycling and processing companies, with a selected concentrate on vital minerals, and people wanted for the transition away from fossil fuels.

The pair agreed in October 2024 to purchase the UK websites from the Australian metals firm Sims for £195m, however failed to show it round. The belongings included 4 metallic shredders and three port amenities, amongst its 27 UK areas, with headquarters in Stratford-upon-Avon.

Nonetheless, Unimetals struggled earlier this 12 months as the availability of extra scrap and metal was increased than demand, denting costs. Sims allowed it to delay a remaining cost, however Unimetals was unable to get the cash collectively.

Below Sims’s possession the enterprise had misplaced £22m within the 12 months to June 2023, the final for which it has printed accounts. In current weeks Unimetals filed three notices of intention to nominate directors, earlier than the winding-up petition.

A spokesperson for Unimetals stated: “Now we have labored tirelessly to discover each potential choice to safe new financing for Unimetals Recycling, with the intention of assembly our monetary obligations and safeguarding the way forward for the enterprise.

“This included an accelerated mergers and acquisitions course of, supported by our advisers and undertaken in full collaboration with stakeholders, to determine potential consumers or traders.

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“Regretfully, regardless of substantial curiosity and makes an attempt at finishing a deal, no transaction was concluded.”

The spokesperson acknowledged it could be a distressing time for workers. The group stated it was “working urgently to agree on a transparent plan and timeline for what occurs subsequent”.

Alvarez & Marsal, knowledgeable companies agency, has been managing talks concerning the firm’s future, in line with Sky Information.

Unimetals additionally has a hydrometallurgical facility in Kezad, close to the port of Abu Dhabi.

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