Metals recycling firm Unimetals, which has two sites in Derbyshire, has filed for compulsory liquidation, putting around 650 jobs at risk across its nationwide operations.
The company, which operates 27 sites across the UK, is expected to begin winding down as soon as Tuesday after efforts to find a buyer failed. Advisers from Alvarez & Marsal managed discussions with potential buyers, but were unable to secure a sale.
The firm has a site in Mansfield Road, Derby, and another in Birchwood Lane, Somercotes.
A spokesperson for Unimetals said: “We have worked tirelessly to explore every possible option to secure new financing for Unimetals Recycling (UK) Ltd, with the aim of meeting our financial obligations and safeguarding the future of the business.
“This included an accelerated M&A process, supported by our advisers and undertaken in full collaboration with stakeholders, to identify potential buyers or investors. Regretfully, despite substantial interest and attempts at completing a deal, no transaction was concluded.”
The spokesperson added: “We recognise how distressing this news will be for everyone connected to Unimetals Recycling (UK) Ltd, particularly our employees who have worked tirelessly over the last year since we acquired it from Sims to try and turn this business around.”
The group said it was “working urgently to agree on a clear plan and timeline for what happens next.”