Universal Recycling, which was placed into administration, had been struggling due to the coronavirus pandemic and the drop in raw material prices
Metal trading company Remet acquires Universal Recycling company. (Credit: Gerd Altmann from Pixabay.)
The Remet Company, a UK-based non-ferrous scrap metal trading company, has acquired waste management firm Universal Recycling after it was placed into administration.
The financial details of the transaction were not disclosed.
Universal Recycling is specialised in the recycling of cables, electrical and electronic equipment, as well as aluminium and copper scrap. The business had annual revenues of around £20m.
Irwin Mitchell, which advised Remet on the transaction, said that the business had been struggling due to the coronavirus pandemic and the drop in raw material prices across the world.
Grant Thornton UK, a part of the Grant Thornton network of independent assurance, tax and advisory firms, was appointed as administrators of Universal Recycling earlier this month.
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.”
The transaction will save 40 jobs at Universal Recycling’s Doncaster site
The deal will ensure all 40 jobs will be retained at Universal Recycling and will continue operations at the Doncaster site.
Remet operates a non-ferrous recycling plant in Canning Town, London that has a capacity of 60,000 tonnes per annum.
Grant Thornton UK’s Chris Petts said: “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.”