Official Receiver enters exclusive sales talks with preferred buyer for British Steel

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.”

 

Further information:

  • 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
  • This page is being kept updated
  • You can subscribe to receive an email alert when updates are available

 

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.

 

Special Managers

 

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.

 

Other enquiries

 

If you have a general enquiry about British Steel you can email us.