Metals Recycling Giant Unimetals In Race To Salvage Future - Beritaja

One of Britain's biggest metals recycling businesses is scrambling to find a purchaser wrong days arsenic it tries to salvage the early of its 650-strong workforce.

Beritaja has learnt that advisers to Unimetals Group person group a deadline of Wednesday for first offers from prospective buyers of the business.

Unimetals operates 27 sites crossed the UK, collecting, processing and shredding metallic discarded to nutrient earthy materials for copper, aluminium and alloy producers some successful Britain and abroad.

A Whitehall root said the authorities was monitoring the situation astatine the institution because of its role, successful particular, successful the UK's alloy proviso chain.

Alvarez & Marsal (A&M), which has been advising the company, is connected standby to beryllium appointed arsenic administrator, perchance successful the coming days.

However, manufacture sources said a number of viable offers for Unimetals were expected to beryllium submitted up of Wednesday's deadline.

Unimetals completed the £195m acquisition of rival Sims Metals past year, but is reported to person grounded to make astatine slightest 1 deferred costs arsenic portion of the transaction.

In a connection issued past week, a Unimetals spokesperson said: "In caller months we person been moving to refinance and recapitalise Unimetals Recycling (UK) Ltd to create further liquidity and reside the deferred information owed to Sims.

"It was precocious confirmed to america that our main caller investor would not participate successful this backing round, contempt the transaction being successful adjacent last form.

"The company's extremity is to unafraid finance to guarantee the continued stableness of operations and protect the semipermanent interests of employees, creditors, customers, and suppliers."