1 July 2021
Sanjeev Gupta rescues Liberty Aluminium Technologies (LAT) as it strikes a deal to avert its collapse.
According to Sky News, Mr Gupta's GFG Alliance has repaid around £10m of a loan from Close Brothers.
This ultimately secures a short term future of LAT.
21 June 2021
It has been reported that Liberty Aluminium Technologies (LAT) is in the process of detailed talks with Close Brothers, as it attempts to avoid being placed in administration.
LAT is an arm of Sanjeev Gupta’s industrial empire and counts Jaguar Land Rover as its main customer. It employs 25 people across three UK sites and produces precision parts for automotives.
The division could face collapse as soon as this week following last-ditch negotiations with its lender – but there is hope that collapse will not be the reality.
Interpath Advisory have been appointed by Close Brothers to advise on its options regarding LAT.
According to reports, the UK government rejected a request for £170m in public money to prevent collapse.
Sky News reports more.