Remet have purchase Universal Recycling.
Remet have purchase Universal Recycling of Doncaster after they appointed administrators. The administrators Grant Thornton UK said a sale had been agreed and the business and assets of Portbond Limited and London Wiper Company Limited, trading as Universal Recycling, were purchased as a going concern by Remet Processing. Remet Processing is related to The Remet Company Limited is a global non-ferrous scrap metal trading business.
Universal Recycling specialise in recycling of cables, waste electrical and electronic equipment (WEEE), aluminium and copper scrap, and had an annual revenue of approximately £20m. Operations will continue at the Doncaster site and all 40 jobs will be retained, according to joint administrators Chris Petts and James Bulloss.
The administrators stated that trading had been challenging for some time following a global fall in raw material prices, which was exacerbated by the Covid-19 pandemic.
Remet director Shraga Cohen said, “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.”
Grant Thornton UK said: “We are 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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