The period of exclusivity with the Ataer Group to complete the sale of the company and its subsidiaries (excluding TSP Projects Limited, which has been sold separately) ends this week.
The Official Receiver said:
“While discussions with Ataer are continuing, discussions with other parties who have expressed continued and renewed interest in acquiring the whole British Steel business will now be possible. I have instructed the Special Managers to engage with these additional interested parties. Diligence team members from these parties are expected to visit the company’s sites over the coming days and weeks. Meanwhile Ataer remain very much interested in acquiring the business and we remain in detailed discussions with them to conclude a sale.
“I remain focussed on achieving a sale of the business and assets of British Steel as quickly as possible, to achieve the best possible outcome for the Company’s creditors. The conclusion of the exclusivity period allows us to consider all of the options available at this point in the process. I would like to thank the team at British Steel for their continued support and hard work during this period of uncertainty.”
- On 22 May 2019 the High Court ordered British Steel Limited into compulsory liquidation. The Official Receiver was appointed as liquidator
- While the commercial in confidence due diligence process continues no further information is able to be released
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Sale of TSP Projects Limited
On 30 August 2019 the Official Receiver announced that TSP Projects Ltd (TSPP), a wholly owned subsidiary of British Steel Ltd (In Compulsory Liquidation), has been sold to SYSTRA Ltd.
Based in York, TSPP provides consultancy, design, engineering and on-site project management services. The sale of TSPP’s shares to SYSTRA Ltd – the UK subsidiary of French-based SYSTRA Group – will expand SYSTRA’s footprint in the UK and preserve over 400 jobs at TSPP. This transaction is a solvent sale and TSPP is not in any insolvency proceedings and remains liable to continue to support its pension scheme.
This sale has no impact on the proposed sale of the remaining British Steel group and exclusive talks with the preferred buyer, Ataer Holdings A.S., are continuing.
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.
If you have a general enquiry about British Steel you can email us.
- October 23, 2019 at 2:13 pm by Editor (displayed above)
- October 23, 2019 at 2:13 pm by Editor