More options on the table as British Steel’s future remains unresolved
The exclusivity period with the group interested in taking over British Steel expires this week, with the Official Receiver now saying he is prepared to speak to “other interested parties”.
A tentative deal was reached in August to rescue British Steel from insolvency. A Turkish military pension fund said it wanted to take over the company, which employs 5,000 people, by the end of this year. The fund is called Oyak and it has an investment arm known as Ataer Holdings.
However, the Official Receiver has now 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 focused 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.”
British Steel owns Scunthorpe steel works where 3,000 staff are based and it employs another 800 people on Teesside. It also has a Rotherham site. The business was put into compulsory liquidation in May after rescue talks with the Government failed to secure a deal.
The company was transferred to the Official Receiver because British Steel, its shareholders and the Government could or would not back the business.
British Steel in liquidation is continuing to trade and supply its customers.
