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Tees Valley Mayor Opposes Greybull Capital Move to Buy Some Units of British Steel

Steel News - Published on Wed, 10 Jul 2019

Image Source: Sky News
Business Live reported that the former owners of British Steel Greybull Capital are reported to be interested in the some of the plants. Greybull Capital is said to have submitted a bid to buy the company’s Lackenby and Skinningrove plants on Teesside and a smaller site at Blaydon in Gateshead. Any sale to Greybull would prove controversial, with the company having been severely critised for its handling of the firm before it went into receivership earlier this year, putting thousands of jobs at risk.

Tees Valley mayor Mr Ben Houchen has urged the Government and the Official Receiver to prioritise other bids for the company and has joined unions in saying that the company should be sold as a whole rather than being broken up. Mr Houchen said “The Financial Times has today reported that Greybull has submitted a bid to acquire the Lackenby and Skinningrove plants. I have been ferociously critical of the company, its practices and its ethics, and my overwhelming preference would be for British Steel to be sold as a whole to another steelmaker, not a private equity firm. There are a number of bids for the whole of British Steel being considered and we must get one of these over the line. I will continue to push the Government and the Official Receiver to consider other bids and not Greybull.”

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Posted By : Ratan Singh on Wed, 10 Jul 2019
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