Official Receiver reports progress in search for British Steel buyer

Good progress is being made in identifying potential buyers for British Steel, the Official Receiver has said.

It said it had made contact with more than 80 potential purchasers, 60 of whom have been sent non-disclosure agreements (NDAs) giving them access to detailed information, with expressions of interest due by early June.

A statement said: “The indemnity provided to me has enabled British Steel to continue to trade and the company retains good support from its customers.”

“I would like to thank the workforce for their ongoing support.

“All staff have been retained and continue to be paid.”

British Steel was placed into compulsory liquidation on 22 May, putting 5,000 jobs at risk and endangering 20,000 in the supply chain.

It followed a breakdown in rescue talks between the government and the company’s owner, Greybull Capital.

For now, the government is covering the firm’s wage bill.

But if the Official Receiver fails to find a buyer, British Steel could be wound up and redundancies would follow.