Pig iron and vanadium company Ironveld has sold its subsidiary Mercury Recycling for £1.575 million.
It has been sold to Environmental Safeguard Limited in a deal comprising of £1.45 million in cash and a working capital adjustment of £125,000.
Mercury Recycling, which is based in Manchester, operates one of the largest lamp recycling facilities in Europe.
It follows a decision by Ironveld to focus on its core business including a specific project for pig iron and vanadium in South Africa, and will also enable Mercury Recycling’s management team to better realise the potential of the business.
Ironveld chairman Giles Clarke said: “We are very pleased to have agreed the sale of our recycling business. It was no longer a key area of our activities and we will be investing the sale proceeds into the group’s pig iron and vanadium project.”