Finance

British Steel sale is delayed again with workers told it will take 'a number of weeks'


British Steel sale is delayed again with workers told it will take ‘a number of weeks’ to nail down a buyer

The sale of British Steel is set for further delay

The sale of British Steel is set for further delay

The sale of British Steel is set for further delay, with workers told it will take ‘a number of weeks’ to nail down a buyer.

The Scunthorpe-based industrial giant, which was bought by private equity firm Greybull Capital in 2016, collapsed into insolvency in May as it suffered a funding crisis, putting around 5,000 jobs at risk.

The Insolvency Service appointed liquidators from EY to find a buyer while the company was propped up by the Government. It was initially reported that the deadline for bids was June 12.

This was pushed back to the end of last month, then it was reported final offers were due last Monday.

However, liquidators wrote to British Steel employees last week to explain that interested parties had been asked to ‘reconfirm’ their interest by last Monday.

An email sent on behalf of Sam Woodward from EY’s restructuring team, and seen by The Mail on Sunday, said: ‘I can confirm that we have not set any deadline to conclude a sale process.’

Woodward added: ‘You will have seen that various parties were on site last week to conduct due diligence and you should take some comfort from this.

‘However, I also expect that there will still need to be a number of weeks of further due diligence and negotiations to conclude a transaction.’ 

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