Overview
- Liquidation proceedings are expected to begin today, with about 650 roles at risk following the winding-up petition.
- The group runs 27–28 sites nationwide from its Stratford-upon-Avon base, supplying recycled feedstock to copper, aluminium and steel producers.
- Advisers at Alvarez & Marsal led an accelerated sale after multiple notices of intention to appoint administrators, but no purchaser emerged.
- The company’s finances deteriorated after its £195m purchase of Sims Metals, including a missed deferred payment and the withdrawal of a key investor.
- Government officials are monitoring potential disruption to the steel supply chain as the firm works urgently on a wind-down plan and timeline.