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More than 4000 British Steel jobs are hanging in the balance
Attempts to find a buyer for British Steel could, according to Financial Times, be abandoned by midsummer despite reassurances to trade unions that the government would prop up the business indefinitely. Financial Times referred to Whitehall sources.
More than 4,000 jobs are hanging in the balance after the company entered into insolvency on Wednesday, three years after private equity group Greybull Capital bought it from India’s Tata Steel for £1.
The Official Receiver is now working alongside EY to seek a new owner for the group. So far there have been no formal approaches, according to people close to the situation, although a wide range of potential buyers has expressed an interest.
Unite the Union said this week that Greg Clark, business secretary, had promised the government would underwrite British Steel’s receivership, paying suppliers and employee wages until a buyer was found. “It does place British Steel on a secure footing until a buyer for this world-class business can be found,” said Steve Turner, assistant general secretary at Unite. “We expect this government assurance . . . in place for as long as it takes.”