Recycling Firm Bought By Remet Following Challenging Period
Doncaster-based Universal Recycling has been bought out of administration in a deal which has saved all 40 jobs.
Universal Recycling is a nationwide waste management business which specialises in the recycling of cables, electrical and electronic equipment, as well as aluminium and copper scrap.
The business, which has annual revenues of around £20m, had been struggling for some time as a result of the coronavirus pandemic and the global fall in raw material prices. The Administrators (Grant Thornton UK) agreed to sell the business and assets as a going concern to Remet Processing Limited, an organisation related to non-ferrous scrap metal specialist The Remet Company.
The deal ensures all 40 jobs will be retained and operations continue at the Doncaster site.
Remet was advised by Corporate partner, Debbie Serota, and Restructuring & Insolvency partner, Kunal Gadhvi, along with Real Estate partner, Ayesha Hasan, and Banking & Finance partner, Akhil Sharma, from Irwin Mitchell’s London office.
“We are very pleased to have assisted Remet with this acquisition – a great result for the business and good team collaboration”
Kunal Gadhvi - Partner
Shraga Cohen, director of Remet, 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."