Forty jobs saved as recycling group bought out of administration

The Doncaster-based firm was sold to Remet, an organisation related to The Remet Company, which is a global non-ferrous scrap metal trading business.

Chris Petts and James Bulloss, of Grant Thornton, were appointed joint administrators the group on October 7. 
Following their appointment, the joint administrators agreed the sale of the business and assets of Universal Recycling as a going concern to Remet.
The administrators said acquisition will ensure all 40 jobs will be retained and operations continue.

Universal Recycling is a nationwide waste management business which specialises in the recycling of cables, waste, electrical and electronic equipment (WEEE), aluminium and copper scrap. Annual revenues were around £20m.

Trading had been challenging for some time amid a global fall in raw material prices. The recent pandemic exacerbated this situation.

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.”

Mr Petts added: “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.”

The administrators were advised on the transaction by Addleshaw Goddard in Leeds. Remet was advised on the transaction by Irwin Mitchell in London.

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