Thu, 04 Jan 2024 | ADMINISTRATION
A Leicestershire-based company that processed unused and discarded copper materials for resale has collapsed into administration. Inquesta Corporate Recovery & Insolvency director Steven Wiseglass has been appointed as the administrator of Pure Copper Recycling Ltd and a sale process is set to be undertaken for the company’s assets.
Pure Copper Recycling, which was based in Gaddesby, was founded in 2018 and was a granulation specialist. The company repurposed and recycled copper cables and materials that were either unused or had been discarded, buying materials from a wide variety of clients, including electricians, waste sites, scrap merchants and tradesmen.
Despite generating sales of £10.4 million in the period from December 1 2022 to September 28 2023, the company had reportedly run into a number of issues. Trading had previously been stopped while the company sought new premises, but it has now ceased trading upon entering administration with all employees made redundant.
Administrator Steven Wiseglass said: "We have been appointed as the administrator of Pure Copper Recycling Ltd. Due to a number of issues, the business was unable to continue trading and regrettably the employees have been made redundant.”
Wiseglass added: "We are now working with advisers to assess the value of the company's assets and will then undertake a sale process with a view to securing a return for creditors."
Pure Copper Recycling’s most recent accounts at Companies House cover the year ending November 30 2022. At that time, the company’s fixed assets were valued at £1.3 million and current assets at slightly under £600,000.
However, the company owed significant sums to creditors at the time, with £1.2 million due within one year and just under £958,000 falling due after one year, leaving it with net liabilities of £240,052.
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