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The metal processing division of Preston-based Recycling Lives has been bought out of administration, saving 337 jobs.
The business and assets of Recycling Lives Ltd and Recycling Lives Metal and Waste Ltd have been acquired by Global Ardour Recycling Ltd (a part of Global Metcorp Ltd and Ardour World Ltd).
The deal also includes the entire share capital of another subsidiary of Recycling Lives Limited, Raw2k Ltd.
The sale does not affect the operations of Recycling Lives’ services businesses, Recycling Lives (Environmental Services) Ltd and Recycling Lives Compliance Services Ltd which are not in administration and continue to trade normally.
Sam Woodward and Dan Hurd of EY-Parthenon’s Turnaround and Restructuring Strategy team were appointed Joint Administrators.
Sam said: "We are pleased to conclude the sale of the metals business of Recycling Lives, which includes the retention of 337 employees. The business has been severely impacted by the global fall in metal prices and by a fire at its Preston plant in early 2023.
"The sale is a positive outcome and will safeguard the future of the business and its employees.”
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