British metal recycling company Unimetals Recycling Ltd has entered liquidation and more than 650 workers could be made redundant, according to local media reports. The company, which operates from 27 locations across the UK, has filed for liquidation after efforts to find a buyer failed.
It remains unclear how quickly the liquidation process will begin or how many staff will ultimately lose their jobs. In a press statement, the company said it had pursued all avenues to obtain new financing to meet its obligations and remain in business.
Unimetals said it had initiated an accelerated M&A process, supported by advisors and conducted in collaboration with stakeholders, in an attempt to identify potential buyers or investors. Despite what the company described as "significant interest", no deal could be completed.
The £195 million acquisition of US metals recycling business Sims limited in the UK did not improve the situation. Unimetals was founded in 2023 with the goal of consolidating and expanding its recycling operations, with a focus on critical minerals and metals important to decarbonization. The company took over Sims limited in the UK in October 2024, acquiring four metal shredders, three port facilities and other processing assets, SteelOrbis previously reported.
