Recycling business sold saving 40 jobs
South Yorkshire based Universal Recycling group of companies appointed Chris Petts and James Bulloss of Grant Thornton UK LLP joint administrators on 7 October 2020.
Following their appointment, the joint administrators agreed the sale of the business and assets of Universal Recycling as a going concern to Remet, an organisation related to The Remet Company Limited, which is a global non-ferrous scrap metal trading business that has previously been listed in the Sunday Times Fast Track 200 list.
The acquisition ensures all 40 jobs will be retained and operations continue at its Doncaster site.
A leading nationwide waste management business which specialises in the recycling of cables, waste, electrical and electronic equipment (WEEE), aluminium and copper scrap, its annual revenues were around £20m, but trading has been challenging for some time amid a global fall in raw material prices. With the recent pandemic exacerbating this situation, resulting in the appointment of Petts and Bulloss.
Shraga Cohen, director of Remet, said: “Remet is excited to become involved with Universal Recycling. We are confident that our experience in the non-ferrous metal trading market combined with the skilled workforce and superb facility in Doncaster will enable us to further develop the company that has been trading for over 30 years.”
Administrator Chris Petts commented: “We are very pleased to have completed a going concern sale of the business, which secures the continued employment of a skilled workforce in these challenging economic times, particularly for the waste management sector. Remet appears well placed to offer a platform from which the business can continue its development.”
The administrators were advised on the transaction by Addleshaw Goddard in Leeds. Remet was advised on the transaction by Irwin Mitchell in London.