Tata Steel Sells Scunthorpe Plant to Greybull for £1

Tata Steel Sells Scunthorpe Plant to Greybull for £1

Tata Steel’s Scunthorpe steel site has been sold to British investment firm, Greybull Capital, helping save approximately 4,400 jobs in the UK.

 

Included in the £1 deal are the steelworks in Scunthorpe, two mills in Teeside, a mill in Hayange, France, an engineering workshop in Workington and a design consultancy in York.

 

Greybull Capital is best known for rescuing Monarch Airlines in 2014, and is said to be planning a £400m investment package to turn the Scunthorpe business around and return British steel to profitability. Half of the £400m will come from bank funding, with the rest coming from Greybull and its investors.

 

The existing team will continue to run the new business and, following the completion of the deal, the Scunthorpe steelworks business, currently known as Tata’s Long Products Europe (LPE) division, will trade under the brand name British Steel.

 

Partner at Greybull, Marc Meyohas, said the aim was to avoid any redundancies, grow the business and become profitable within a year.

 

Roy Rickhuss, general secretary of the steelworkers’ union community, said: “Greybull’s interest in the business demonstrates that with the right investors UK steel making can have a positive future. So far, Tata Steel has honoured its commitment to be a responsible seller of the business by allowing time for the deal to be done.”

 

The deal is expected to complete within eight weeks, assuming the completion of the financing arrangements for LPE and contract arrangements with key suppliers are agreed.

 

Please rate

Comments 

Name
Email
  Ctrl + Enter

Most Read

New Barhale / Doosan JV secures double award

New Barhale / Doosan JV secures double award

The joint venture, which brings together two of the UK’s leading water sector specialist contractors, will undertake infrastructure and non-infrastructure capital projects through the framework including, in the case of Lot 2, civils-led and, under Lot 3, MEICA-led work. Severn Trent, which

Thames Water gets ready to tender £2.6bn AMP7 construction work contracts

Thames Water gets ready to tender £2.6bn AMP7 construction work contracts

Thames' draft AMP7 plan includes a number of complex projects, significant programmes and anticipates a potential increased volume in maintenance activity in response to changing customer and stakeholder needs, population growth and a changing environment. Thames has set out details of the proposed

MWH Treatment wins Severn Trent AMP7 framework contracts

MWH Treatment wins Severn Trent AMP7 framework contracts

We are pleased to hear that our client water sector specialist MWH Treatment has been awarded a place on Severn Trent’s AMP7. The agreement extends an existing 20-year relationship and MWH Treatment (MWHT) will develop and deliver a share of the £2 billion capital works programme,

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.