Grant Thornton sells recycling business out of administration

Audit and advisory firm Grant Thornton has sold a South Yorkshire based recycling group out of administration. The acquisition of Universal Recycling safeguards 40 jobs and ensures operations continue at the firm’s Doncaster site.

Operating for over 30 years, Universal Recycling provide UK-wide recycling. The company handles ferrous and non-ferrous scrap metal, WEEE, automotive and cable recycling from fully licensed premises across Yorkshire. Its annual revenues have previously been reported as around £20 million – however, as is the case with firms across the industrial spectrum, 2020 has proven to be a difficult year for Universal Recycling.

A global fall in raw material prices had already hit the company before the recent pandemic exacerbated the situation, resulting in the appointment of administrators from Grant Thornton in early October. Chris Petts and James Bulloss were installed to oversee the process, and following their appointment, the joint administrators agreed the sale of the business and assets of Universal Recycling as a going concern to Remet.

Petts stated, “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.”

Remet is part of The Remet Company, which is a global non-ferrous scrap metal trading business that has previously been listed in the Sunday Times Fast Track 200 list. The acquisition ensures all 40 of Universal Recycling’s jobs will be retained, and operations will continue at its Doncaster site. Remet was advised on the transaction by Irwin Mitchell in London, while Grant Thornton’s professionals were advised on the transaction by Addleshaw Goddard in Leeds.

Shraga Cohen, director of Remet, commented, “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.”