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Hundreds of jobs at risk as metals recycling giant nears liquidation
Unimetals Recycling's liquidation follows failed sale and funding efforts after a £195 million takeover, risking 650 jobs and affecting 27 sites across the UK, advisers said.
- On Tuesday, Unimetals Group could collapse into liquidation, risking most or all of its 650-strong workforce just weeks before Christmas.
- After completing a £195m purchase last year, Unimetals Group reportedly missed at least one deferred payment and lost a proposed new backer several weeks ago, with a buyer search last month failing.
- Operating across 27 UK sites, Unimetals collects and processes metallic waste while advisers from Alvarez & Marsal have coordinated rescue talks in recent weeks.
- Winding down operations is expected imminently, with formal liquidation proceedings anticipated as early as Tuesday, and the government is understood to be monitoring Unimetals closely due to its steel supply role.
- A Unimetals spokesperson said, `We have worked tirelessly to explore every possible option to secure new financing for Unimetals Recycling Ltd, with the aim of meeting our financial obligations and safeguarding the future of the business`, and it is working urgently on next steps while engaging stakeholders.
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Leaning Left2Leaning Right1Center9Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
L 17%
C 75%
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