London-based non-ferrous metal recycler, Remet, has acquired the Universal Recycling group of companies, after it was placed into administration.
Universal Recycling specialises in metals recycling, including cables, waste electrical and electronic equipment (WEEE), aluminium and copper scrap and has its main site in Doncaster. Also in the Universal group is the Wiper Company, a supplier of cloths and wipes, and Portbond Ltd, a holding company.
Grant Thornton was appointed as administers of Universal on 7 October. “Trading had been challenging for some time amid a global fall in raw material prices, the administrators said.
They added: “The recent pandemic exacerbated this situation”.
Below is an aerial view on the site in Doncaster, which will now be operated by Rmet.
Sale
After going into administration, the sale of the business and assets of Universal Recycling were agreed as a going concern to Remet, an organisation related to The Remet Company Limited.
“Remet is excited to become involved with Universal Recycling”
The acquisition will ensure all 40 jobs will be retained and operations continue at the Doncaster site.
Remet operates a 60,000 tonnes per year non-ferrous recycling plant in Canning Town, London.
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.”
Administrator Chris 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.”
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Source: letsrecycle.com Metal
