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Unimetals Recycling (UK) has submitted a third notice of intention (NOI) to appoint administrators, extending its protection from creditor action as the company continues efforts to secure new investment.

The recycling and metals group, which employs around 650 staff across 27 UK sites, is still in discussions with potential backers in a bid to stabilise its finances and avoid a formal administration.

This latest filing follows two earlier notices lodged in recent weeks, triggered by growing pressure around the group’s debt position. Unimetals has been seeking funding since a key investor withdrew late in the process of a planned refinancing round.

The company’s financial difficulties date back to its £195m purchase of Sims Metal’s UK operations last year, with a final payment of £55m yet to be made.

A Unimetals spokesperson said: “The formal process Unimetals has been running to secure new investment has attracted a high level of interest from parties who recognise the strength of the business and its future potential. Unimetals has filed a further notice of intention to appoint administrators to give the business additional time to reach a binding deal with potential financiers that secures investment and protects the long-term interests of employees, creditors, customers, and suppliers.”

Unimetals, headquartered in Stratford-upon-Avon, runs facilities handling scrap, critical and energy-transition metals across locations including Bristol, Peterborough, Derby, Nottingham and Manchester.

The company now has a short window of protection while it continues talks aimed at keeping the business operational and preserving jobs.