Thu, 04 Jan 2024 | ADMINISTRATION
A Leicestershire-based company that processed unused and discarded copper materials for resale has collapsed into administration. Inquesta Corporate Recovery & Insolvency director Steven Wiseglass has been appointed as the administrator of Pure Copper Recycling Ltd and a sale process is set to be undertaken for the company’s assets.
Pure Copper Recycling, which was based in Gaddesby, was founded in 2018 and was a granulation specialist. The company repurposed and recycled copper cables and materials that were either unused or had been discarded, buying materials from a wide variety of clients, including electricians, waste sites, scrap merchants and tradesmen.
Despite generating sales of £10.4 million in the period from December 1 2022 to September 28 2023, the company had reportedly run into a number of issues. Trading had previously been stopped while the company sought new premises, but it has now ceased trading upon entering administration with all employees made redundant.
Administrator Steven Wiseglass said: "We have been appointed as the administrator of Pure Copper Recycling Ltd. Due to a number of issues, the business was unable to continue trading and regrettably the employees have been made redundant.”
Wiseglass added: "We are now working with advisers to assess the value of the company's assets and will then undertake a sale process with a view to securing a return for creditors."
Pure Copper Recycling’s most recent accounts at Companies House cover the year ending November 30 2022. At that time, the company’s fixed assets were valued at £1.3 million and current assets at slightly under £600,000.
However, the company owed significant sums to creditors at the time, with £1.2 million due within one year and just under £958,000 falling due after one year, leaving it with net liabilities of £240,052.
View the fast sale listing and contact information for this business here
Find out more about how buyers can find value through distressed acquisitions
Established food manufacturing business with doubled production capacity and a strong second tier management team, servicing 12 active clients with a growing forward order book.
This well-regarded and relocatable Manufacturing business has now come to the open market. Since its establishment in 2017, the business has acquired a great reputation amongst its customers, known for its quality service and friendly staff. Both its...
The business designs and builds specific to customer requirements for end users predominantly in oil & gas, petrochemical, chemical and pharmaceutical industries. They also provides assistance in areas such as on-site commissioning, systems complianc...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.