Talk to us today in confidence0800 970053907833 240747

British Steel Has Gone Into Liquidation

British Steel Logo

British Steel has gone into liquidation today.

The Government's Official Receiver will take control of the company as part of the insolvency process.

Accountancy firm EY will take on the role of Special Manager and attempt to find a buyer for the business.

More than 4,000 British Steel employees could become redundant with 20,000 workers from the supply chain, also facing potential job loss.

Reports suggest the firm had asked for £30m from the Government.  The companies major shareholder, Greybull Capital, is to chip in with extra funding of £30m. Currently, the Government has been unable to match the request.

Greybull Capital, which specialises in turning around struggling businesses but failed to save Monarch Airlines, paid a nominal £1 to the loss-making company’s previous owner, Tata Steel, in 2016, and renamed it British Steel.

Brexit uncertainties have been blamed for the crisis but the slowdown in China's economy and  US tariffs have played their part.

If you are worried about redundancy, in the event of insolvency, then watch the video below


Categories: Manufacturing / Engineering, Complete Guide to Creditors Voluntary Liquidation CVL, Redundant Employee?

A Worried Director

The Ultimate Guide For Worried Directors

Worried about poor cashflow? How to win new work? How to pay wages on pay day? For expert advice on a range of issues download our free Ultimate Guide For Worried Directors today. Or just call us on 0800 9700539


Post a Comment

Please keep your comments relevant. Company Rescue reserves the right to edit or delete comments.

The blog postings on this site solely reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of Company Rescue. All comments are made in good faith, and Company Rescue will not accept liability for them. We may contact you in response to your comment – by submitting your comment, you are consenting to this.

To find out more about how we collect, use and protect your data, please read our privacy policy.

You are currently offline. Some pages or content may fail to load.