UK-based metals recycling company Unimetals Recycling Ltd has entered liquidation, with more than 650 workers facing possible redundancy, according to local media reports. The business, which operates from 27 locations across the UK filed a winding-up petition after efforts to find a buyer fell through.
It remains unclear how quickly the liquidation process will begin or how many employees will ultimately lose their jobs. In a statement made to the press, the company said it had pursued every option to secure new financing to meet its obligations and preserve the business.
Unimetals said that it initiated an accelerated M&A process, supported by advisers and conducted in collaboration with stakeholders, in an attempt to identify potential buyers or investors. Despite what the company described as “substantial interest”, no transaction could be completed.