An unnamed metal recycler has acquired Middlesbrough-based Cupral Group, saving 37 jobs.
Administrators FRP said the Teesside firm had experienced “recent financial challenges”.
Cupral produces engineered recycled metals including copper and aluminium.
However its most recently published accounts show it owed creditors more than £8.1 million within a year of 31 March 2023 and was due to receive less than £400,000 from debtors.
FRP said all 37 jobs at the company had transferred to the buying business, along with its plant at Tees Advanced Manufacturing Park.
FRP restructuring advisory partner Martyn Pullin 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.”
Cupral’s website says its staff “have many years experience of non-ferrous-metals trading, as a result of time spent at a variety of banks, commodity companies and at corporates”.
