Unimetals Recycling (UK), one of the country’s largest metal recyclers, has filed for compulsory liquidation after failing to secure new financing or a buyer for its UK operations.
The company had announced last year that it would acquire Sims Metals’ UK business for around USD 249 mln, including 28 facilities, three of them port sites, and four shredders. However, news reports indicate Unimetals failed to make at least one deferred payment related to the transaction.
A company spokesperson said Unimetals pursued multiple avenues to meet its financial obligations, including a rapid M&A process with advisers and stakeholders to find potential investors or buyers. Despite strong interest, no agreement was reached, leading to the decision to enter liquidation.
