Kuits advises Ironveld plc on Mercury Recycling Limited sale12 Sep 2013
Manchester law firm Kuits Solicitors has advised Ironveld plc on the sale of Trafford-based Mercury Recycling Limited to Environmental Safeguard Limited for a total consideration of £1,575 million in cash, comprising a purchase price of £1.45 million plus £125,000 by way of working capital.
Mercury Recycling Limited, which runs one of the largest lamp recycling facilities in Europe, has been sold by Ironveld plc in line with the Board’s strategy to focus the Group’s resources on the progression of the pig iron and vanadium project in South Africa.
Corporate and commercial partner, Kirsti Pinnell, and associate Jamie Partridge advised Ironveld plc on the sale. Kirsti said:
“The natural resources market continues to grow around the world and we were delighted to advise Ironveld on the sale of Mercury to help realise the Board’s development strategy.”
Commenting on the transaction, Chairman of Ironveld, 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 as we work towards the Definitive Feasibility Study for the first stage of the Project.”
Nigel Barratt and Ian Dawson from Hurst Corporate Finance also advised Ironveld plc. Nigel Barratt, partner and head of Hurst Corporate Finance: “We are pleased to have been involved in this transaction, yet again demonstrating our ability to advise on significant deals for listed companies.”
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