Heads of an agreement to purchase British Steel have been agreed triggering a period of detailed due diligence of the company ahead of its full sale.
Several bids were received for British Steel and the agreement now signed between Ataer Holdings A.S. and the Official Receiver sees the preferred buyer in exclusive talks to confirm their intention to take on the steel making business and its subsidiaries.
The Official Receiver said: “Following discussions with a number of potential purchasers for the British Steel group over the past few weeks I am pleased to say I have now received an acceptable offer from Ataer Holdings A.S. for the purchase of the whole business and I am now focusing on finalising the sale. I will be looking to conclude this process in the coming weeks, during which time British Steel continues to trade and supply its customers as normal. I would like to thank all employees, suppliers and customers for their continued support which has been essential to get to this point.”
On 22 May 2019 the High Court ordered British Steel Limited into compulsory liquidation. The Official Receiver was appointed as liquidator
While the commercial in confidence due diligence process continues no further information is able to be released.