The sale also includes the shares owned by BSL in Redcar Bulk Terminal Limited.
Completion of the contract is conditional on a number of matters, including gaining the necessary regulatory approvals. The parties are working together to conclude a sale as soon as reasonably practicable.
The business will continue to trade as normal during the period between exchange and completion. Support from employees, suppliers and customers since the liquidation has been a critical factor in achieving this outcome
- On 22 May 2019 the High Court ordered British Steel Limited into compulsory liquidation. The Official Receiver was appointed as liquidator
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Sale of TSP Projects Limited
On 30 August 2019 the Official Receiver announced that TSP Projects Ltd (TSPP), a wholly owned subsidiary of British Steel Ltd (In Compulsory Liquidation), has been sold to SYSTRA Ltd.
Based in York, TSPP provides consultancy, design, engineering and on-site project management services. The sale of TSPP’s shares to SYSTRA Ltd – the UK subsidiary of French-based SYSTRA Group – will expand SYSTRA’s footprint in the UK and preserve over 400 jobs at TSPP. This transaction is a solvent sale and TSPP is not in any insolvency proceedings and remains liable to continue to support its pension scheme.
This sale has no impact on the proposed sale of the remaining British Steel group and exclusive talks with the preferred buyer, Ataer Holdings A.S., are continuing.
The Court has 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.
Information for customers
British Steel in liquidation is continuing to trade and supply its customers. The Special Managers are keeping the company’s customers informed about the progress of the liquidation.
Information for employees
British Steel in liquidation is continuing to trade, staff continue to be employed and paid.
The Special Managers are engaging with employee representatives to keep staff informed about the progress of the liquidation. An employee helpline has been established to answer any questions you may have. You can contact us by email or you can phone 0161 333 2666.
If there is any change to your employment status the Special Managers will be in contact with you about this.
Information for suppliers
Advice is available for businesses who face challenges arising from British Steel’s liquidation.
If you have a general enquiry about British Steel you can email us.