Potential buyers emerge for British Steel

Following the collapse of British Steel last week, when the company was ordered by the High Court to go into compulsory liquidation, officials have identified potential buyers.

The special managers from accounting firm EY, appointed to assist the official receiver with his duties as company liquidator, have made contact with more than 80 potential trade purchasers of the business, 60 of whom have been sent non-disclosure agreements. As these conversations are commercially confidential no further information is able to be released.

The Court 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.

Statement from the Official Receiver: “Good progress is being made in identifying potential buyers for British Steel. Multiple parties have signed non-disclosure agreements giving them access to a detailed information memorandum and virtual data-room that my team has developed to inform their bids. Expressions of interest are due with me by early June.

“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 in liquidation is continuing to trade and supply its customers. The special managers are in the process of contacting the company’s customers to keep them informed about the progress of the liquidation.

British Steel www.britishsteel.co.uk