GFG ready to “fight” to overturn administration of steel supplier
GFG Alliance (GFG) says it is “continuing to fight” for 250 steel jobs through its application to overturn the administration process of Aartee Bright Bar.
Aartee Bright Bar was acquired by GFG as it purchased all shares in the Singapore-based Aartee Group Pte.
GFG Alliance is the family group of steel magnate Sanjeev Gupta, and it has acquired Aartee Group, which is a shareholder in two companies – Aartee Bright Bar Ltd and Aartee Bright Bar Property Ltd – which went into administration two weeks ago following a creditor dispute.
Jeffrey Kabel, chief transformation officer, said: “On Friday 24th February GFG will take its fight to save Aartee Bright Bar to court with its application to reverse the administration and save 250 viable steel jobs across the UK.
“GFG believes the administration is unjustified and unnecessary, and risks an ongoing insolvency process that will lead to significant job losses and a fire sale of the business’ assets.
“The alternative is clear – maintain the business as a going concern and integrate it into LIBERTY Steel’s UK operations securing workers livelihoods and protecting a vital part of the UK’s steel supply chain and distribution network.
“We strongly urge all stakeholders to get behind GFG’s bid to save the business.”
Aartee is headquartered in Willenhall and has sites in Dudley, Rugby, Southampton and Newport.
In addition to the administration process at ABB, the administration of Aartee Bright Bar Property Limited, which has no creditors, GFG says “is grossly inappropriate and GFG is reserving its rights to commence ancillary proceedings to prevent a sale of the properties and for it to exit administration expediently”.
