Tue, 13 Oct 2020 | BUSINESS SALE
The Doncaster-based Universal Recycling group of companies has been acquired out of administration by non-ferrous metal recycling business Remet.
The deal has seen the business and assets of Universal Recycling sold as a going concern to Remet, which is part of the global non-ferrous scrap trading business The Remet Company. Remet operates a non-ferrous recycling plant in London’s Canning Town which process 60,000 tonnes per year.
The acquisition is said to safeguard all 40 jobs at Universal Recycling and sees operations at the business continue at its Doncaster site. Universal Recycling had previously reported annual revenues of around £20 million, however, trading had been hit by a global fall in prices for raw materials, which was exacerbated by the impact of COVID-19.
Universal Recycling, which has been operating for over 30 years, appointed James Bulloss and Chris Petts of Grant Thornton as joint administrators on October 7. Following their appointment, the joint administrators oversaw the sale of the business and assets of Universal Recycling to Remet.
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.”
Remet director Shraga Cohen 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.”
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