In the heart of Middlesbrough, a glimmer of hope emerges for Cupral Group as a new deal breathes life into the troubled metal recycling company. Despite facing recent financial turbulence, the firm has found a lifeline, safeguarding the livelihoods of 30 employees. Established in 2018, Cupral specialises in refining copper and aluminium, transforming them into high-purity, low-carbon materials optimised for furnace utilisation.
Administrators, navigating through the complexities, orchestrated a pivotal takeover, ensuring the continuity of operations at the Tees Advanced Manufacturing Park.
Administrators at FRP Advisory spearheaded a meticulous negotiation process, culminating in a pivotal agreement with an independent metal recycling entity. This intricate deal, spanning multiple stakeholders and international time zones, underlines the resilience of Cupral's operations and the unwavering dedication to its workforce.
Cupral Group, established in 2018 under the ownership of PT International Development Corporation Limited, encountered formidable challenges amid the tumultuous landscape of rising energy costs catalysed by geopolitical tensions. Despite these adversities, the firm embarked on a relentless pursuit of cost reduction and operational enhancements, inching closer to achieving financial stability.
Embedded within the ethos of Cupral Group is a steadfast commitment to advancing the principles of the European circular economy. Fueled by optimism and determination, the company's board remains resolute in navigating through financial hurdles, exploring alternative financing avenues to bolster the balance sheet and enhance revenue streams.
As the dust settles on this transformative deal, Martyn Pullin, restructuring advisory partner at FRP, commends the collaborative efforts that culminated in securing Cupral's future.
Martyn Pullin commented: “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 time zones, 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.”
With Sanderson Weatherall and Endeavour Partnership providing invaluable advisory services, the stage is set for Cupral Group to embark on a new chapter of growth and prosperity in the dynamic landscape of metal recycling.
