"We have worked tirelessly to explore every possible option to secure new financing for Unimetals Recycling, with the aim of meeting our financial obligations and safeguarding the future of the business. This included an accelerated mergers and acquisitions process, supported by our advisers and undertaken in full collaboration with stakeholders, to identify potential buyers or investors. Regretfully, despite substantial interest and attempts at completing a deal, no transaction was concluded."
"We recognise how distressing this news will be for everyone connected to Unimetals Recycling, particularly our employees who have worked tirelessly over the last year since we acquired it from Sims to try and turn this business around."
"working urgently to agree on a clear plan and timeline for what happens next,"
Unimetals Recycling has filed for compulsory liquidation, putting hundreds of jobs at risk across its 28 UK sites. Liquidation proceedings could begin as early as Tuesday, with an immediate collapse possible. Advisers from Alvarez & Marsal led discussions with potential buyers, but no sale was finalised. Company representatives say they pursued every financing option, ran an accelerated mergers and acquisitions process with stakeholder collaboration, and attracted substantial interest yet failed to complete a transaction. The company acknowledged the news will be distressing for employees since its acquisition from Sims last year and says it is working urgently to agree next steps while government monitors due to its role in the steel supply chain.
Read at London Business News | Londonlovesbusiness.com
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