Wed, 24 Apr 2024 | BUSINESS SALE
Cupral Group Limited, a metal recycling business based in Middlesbrough, has been acquired out of administration. The deal has saved all 37 jobs at the company, which operates a recycling plant at Middlesbrough’s Tees Advanced Manufacturing Park.
The company processes non-ferrous metals, both aluminium and copper, to produce high purity, low COâ engineered recycled metals for use in furnaces and states it aim as supporting customers “in driving their carbon content lower”.
However, the firm, which was owned by Hong Kong-based investment company PT International Development Corporation Limited, fell into administration earlier this month, appointing FRP Advisory to oversee the process.
In its accounts for 2023, PT International Development said that Cupral had been impacted by rising energy costs in the wake of the war in Ukraine. PT said that the firm had undertaken cost-cutting as it sought to boost efficiencies at the recycling plant and that it was working to find alternative finance. In Cupral’s accounts for the year to the end of March 2023, the company’s net current liabilities amounted to £7.2 million.
Following their appointment, FRP Advisory ran an accelerated M&A process that ultimately secured a successful sale of the company’s business and assets to an unnamed, unconnected metal recycling business.
Martyn Pullin, restructuring advisory partner at FRP, said: "Despite recent financial challenges, the strength of Cupral's operations ensured there was significant appetite for it to continue trading under new ownership.”
"This was a particularly complex deal, involving multiple stakeholders and timezones, so we are pleased to have delivered a solution which sees Cupral's business sold, securing its future and, critically, preserving the roles of its employees."
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