Ali Larijani, former chairman of the parliament of Iran, attends a press conference after meeting Lebanese Parliament Speaker Nabih Berri in Beirut, Lebanon November 15, 2024. — Reuters
More than 650 workers face the prospect of redundancy after the scrap metals group Unimetals filed for compulsory liquidation.
The owners of Unimetals Recycling (UK) filed a winding-up petition for the business on Monday, after failing to find a buyer.
The scrap metals industry generates billions of pounds of revenue each year by recycling metals such as steel, aluminium and copper that can be made into new products. The switch to electric arc furnaces that melt down recycled steel has given added hope for the sector’s longer-term prospects.
Unimetals was founded in 2023 by Jamie Afnaim and Alec Sellem, two metals traders, according to UK company disclosures. On a social media profile Sellem described the group’s aim to buy up metals recycling and processing businesses, with a particular focus on critical minerals, and those needed for the transition away from fossil fuels.
The pair agreed in October 2024 to buy the UK sites from the Australian metals company Sims for £195m, but failed to turn it around. The assets included four metal shredders and three port facilities, among its 27 UK locations, with headquarters in Stratford-upon-Avon. However, Unimetals struggled earlier this year as the supply of excess scrap and steel was higher than demand, denting prices. Sims allowed it to delay a final payment, but Unimetals was unable to get the money together.
Under Sims’s ownership the business had lost £22m in the year to June 2023, the last for which it has published accounts. In recent weeks Unimetals filed three notices of intention to appoint administrators, before the winding-up petition.
A spokesperson for Unimetals said: “We have worked tirelessly to explore every possible option to secure new financing for Unimetals Recycling, with the aim of meeting our financial obligations and safeguarding the future of the business.
“This included an accelerated mergers and acquisitions process, supported by our advisers and undertaken in full collaboration with stakeholders, to identify potential buyers or investors.
“Regretfully, despite substantial interest and attempts at completing a deal, no transaction was concluded.”
The spokesperson acknowledged it would be a distressing time for employees. The group said it was “working urgently to agree on a clear plan and timeline for what happens next”.
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Alvarez & Marsal, a professional services firm, has been managing talks about the company’s future, according to Sky News.
Unimetals also has a hydrometallurgical facility in Kezad, near the port of Abu Dhabi.
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