METAL RECYCLING BUSINESS
Established in 2012, this £15m+ turnover ferrous and non-ferrous metal recycling business is based in a deep water port in the SW of the UK. As a result of the Coronavirus pandemic it has ceased to trade and the Directors have determined that it will not be able to restart operations when the lockdown is lifted as a result of its inability to pay its debts as they fall due.
We are advised that the business is holding stock of mixed ferrous and non-ferrous metal and, in addition, owns unencumbered heavy plant and machinery which had a cost price in excess of £1.3m when acquired in 2014. There is additional plant and machinery including Grabbers, Fuchs and Generators which are subject to outstanding finance agreements with over £360,000 remaining to be paid until the finance agreements are satisfied.
Whilst the business benefits from being based at a deep water port allowing for export to Turkey and China, amongst others destinations, any party considering acquiring the assets of the business with a view to obtaining an assignment of the lease should be aware that current clean-up costs of the site are estimated to be between £300,000 – £500,000 for the accumulated detritus which is estimated to be c10,000 tonnes.
The Company has engaged Williams & Partners Ltd to find a buyer for the business out of administration either as a going concern (preferably) or by way of a purchase of the assets and goodwill on a break-up basis.
If you are interested to know more about the above opportunity, please note that offers must be received by no later than 12:00pm on Thursday 21 May 2020 with a sale concluded by no later than close of business on Wednesday 18 May 2020 and therefore only parties that are able to work within this time frame should respond. Williams & Partners Ltd reserve the right to close the bidding early or extend the deadline, without liability.
Preference will be given to companies currently within the scrap metal or recycling industries as we would consider that knowledge of the industry is essential to the future success of the business.
Due to the confidential nature of this sale, interested parties will be invited to sign a non-disclosure agreement before further details can be released.
If you are interested in finding out more about the above opportunity, please contact Antony Berg of Williams & Partners Ltd, Valuation and Insolvency Agents on 020 3195 1407 or 078 0303 5445 or write to me at firstname.lastname@example.org.