Attempts to find a buyer for British Steel could be abandoned by midsummer despite reassurances to trade unions that the government would prop up the business indefinitely, according to Whitehall sources.
More than 4,000 jobs are hanging in the balance after the company entered into insolvency on Wednesday, three years after private equity group Greybull Capital bought it from Indias Tata Steel for 1.
The Official Receiver is now working alongside EY to seek a new owner for the group. So far there have been no formal approaches, according to people close to the situation, although a wide range of potential buyers have expressed an interest.
Unite the Union said this week that Greg Clark, business secretary, had promised the governm…
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