Heads of an agreement to purchase British Steel have been agreed triggering a period of detailed due diligence of the company ahead of its full sale
Several bids were received for British Steel and the agreement now signed between Ataer Holdings A.S. and the Official Receiver sees the preferred buyer in exclusive talks to confirm their intention to take on the steel making business and its subsidiaries.
The Official Receiver said:
“Following discussions with a number of potential purchasers for the British Steel group over the past few weeks I am pleased to say I have now received an acceptable offer from Ataer Holdings A.S. for the purchase of the whole business and I am now focusing on finalising the sale. I will be looking to conclude this process in the coming weeks, during which time British Steel continues to trade and supply its customers as normal. I would like to thank all employees, suppliers and customers for their continued support which has been essential to get to this point.”
On 22 May 2019 the High Court ordered British Steel Limited into compulsory liquidation. The Official Receiver was appointed as liquidatorWhile the commercial in confidence due diligence process continues no further information is able to be releasedThis page is being kept updatedYou can subscribe to receive an email alert when updates are available.
The Court has appointed Hunter Kelly, Sam Woodward and Alan Hudson of EY to act as Special Managers to assist the Official Receiver with his duties as liquidator.
Information for Customers
British Steel in liquidation is continuing to trade and supply its customers. The Special Managers are keeping the company’s customers informed about the progress of the liquidation.
Information for Employees
British Steel in liquidation is continuing to trade, staff continue to be employed and paid.
The Special Managers are engaging with employee representatives to keep staff informed about the progress of the liquidation. An employee helpline has been established to answer any questions you may have. You can contact us by email or you can phone 0161 333 2666.
If there is any change to your employment status the Special Managers will be in contact with you about this.
Information for Suppliers
Advice is available for businesses who face challenges arising from British Steel’s liquidation.