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Lender to Liberty Steel goes into administration

19 March 2021

19/3/2021

Following the administration of Greensill Capital last week, almost 450 jobs have been lost. This is just the first set of UK job losses, with fears over the future of tens of thousands of jobs at firms that relied on the group for loans to help pay their suppliers.

The Guardian report more.

PM 8/3/2021

It has been confirmed that the principal financial backer of one of the UK's largest industrial groups has fallen into administration, following speculation this morning.

The appointment of administrators of Grant Thornton, Chris Laverty, Trevor O'Sullivan and Will Stagg, to Greensill Capital and Greensill Capital Management Company puts 5,000 jobs at risk at Liberty Steel and other firms.

This said, it is heard that the joint administrators are in ongoing discussions with an interested party, regarding the purchase of some of Greensill Capital assets.

BBC News report more.

AM 8/3/2021

The principal financial backer of one of the UK's largest industrial groups will fall into administration within hours according to the BBC

Specialist bank Greensill Capital is the main lender to businessman Sanjeev Gupta's  empire, which includes Liberty Steel.

The development puts 5,000 jobs at risk at Liberty Steel and other firms.

Union officials were already due to have crisis talks with Mr Gupta on Tuesday.

The Community union said it would be seeking "assurances on behalf of our members".

It added: "We are ready to work with all stakeholders to protect jobs and take confidence from the fact this is a vital strategic business with a world-class workforce, producing the best steels money can buy."

Mr Gupta, who has been called the "saviour of steel", has defied pessimists in the industry for years by buying up seemingly unloved industrial assets.

These included steel and aluminium plants that many thought could not be run profitably in the face of cut price competition from China.

More to follow...

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