Wed, 11 Dec 2024 | BUSINESS SALE
Ashvin Metals has bought Burnley-based peer Metro Metals to create a £130million turnover business.
Founded in 1958, Metro Metals specialises in ferrous scrap processing including recycling.
Poulton-le-Fylde based Ashvin Metals, a non-ferrous metals business, said the deal, for an undisclosed sum, marks a significant milestone ‘enhancing operational capabilities and expanding market offerings’.
Ashvin Metals also operates a site in the Midlands, Inglemere Metals in Blackpool, and recently set up Ashvin Can Recycling following the purchase of machinery from Borcan, to process aluminium beverage cans in Padiham.
With the acquisition of Metro Metals, Ashvin Metals has expanded its overall workforce to 60 staff, bolstering its reputation as a supplier of high grade materials to both domestic and international markets. This move, it said, underscored its commitment to sustainable practices and its leadership in the highly regulated metal recycling sector.
Iain Swinson, Finance Director of Ashvin Metals, said: “This acquisition represents a strategic step forward for Ashvin Metals. It not only broadens our service offerings to include ferrous metals like steel and iron, but also brings with it a legacy of excellence that Metro Metals has cultivated over decades. By combining our expertise, we aim to redefine service standards in the metal recycling industry and provide unmatched value to our customers worldwide.”
Metro Metals will continue to operate from the same site in Burnley, with all staff remaining in the business.
Previous owner, Ross Shekleton, will remain involved during an interim period to advise the new owners as they familiarise themselves with the operations of the business.
According to its latest set of accounts for the year ending March 31, 2024, Ashvin recorded a turnover of £75.54 million, down from £81.5 million in the previous year. Gross profit came to £5.09 million, down from £5.74 million. This, it said, was due to the fluctuating price of copper, aluminium and other non-ferrous metals on the London Metal Exchange.
Worldwide economic uncertainty was another headwind, but the company said volumes had remained consistent and that it continued to invest in areas such as machinery.
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