Overview
- The Insolvency Service’s Official Receiver said it has entered an exclusivity period with an unnamed preferred bidder to work toward a sale of Speciality Steel UK over about five weeks.
- Employees were told of the step, and the bidder’s identity and any proposed terms remain undisclosed.
- Government funding continues to cover wages and basic running costs as many of the roughly 1,300 to 1,450 workers stay on furlough with reduced pay.
- SSUK operates major sites in Rotherham and Stocksbridge in South Yorkshire and was placed into compulsory liquidation last August after years under Liberty Steel.
- The Community union welcomed the progress and wants to meet the bidder, while Liberty’s parent group condemned the liquidation as irrational and claimed it had a rival rescue plan backed by outside support.