No Deal No British Steel – What does Comet, Monarch Airlines and British Steel have in common..?
- All acquired and owned by Greybull Capital
- All went into administration to the detriment of the taxpayer
Greybull offered a mere £1m to save the company whilst requesting £75m from the Government which was subsequently reduced to £30m. There’s a culmination of problems facing the steel industry at the moment, with the value of sterling, coupled with European/US Trade Tariff’s causing uncertainty.
A Sector Deal along with taking steps on energy prices could have been reviewed. Redcar Steelworks was closed with the loss of 3100 jobs – the Government’s final statement on this being ‘Never again’.
In a positive swing, we wake up this morning to hear that 60 potential buyers have came forward, whilst a treasury backed indemnity has been put in place by the Government to keep the business afloat ensuring all staff will continue to be paid. Combined with Network Rail increasing their orders to help keep it trading, there may yet be light at the end of the tunnel, helping to save a potential 25,000 jobs throughout the supply chain.
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