British Steel has entered insolvency after the government refused to provide it with a 30m loan, saying the terms the company and its private equity owner Greybull Capital were asking for would have amounted to unlawful state aid. Here are the answers to some key questions.
What has gone wrong at British Steel?
When Greybull Capital bought British Steel for 1 in 2016 from Tata Steel, rebranding it with the old British Steel name, it promised great things. The private equity firm pledged to invest 400m to revive the company and within months it was boasting of a return to profit and a bright future ahead. Two years later it has entered insolvency. In a letter to staff last week, British Steels chief executive, Gerald Reichmann, blamed wea…
Read the full article at: https://www.theguardian.com/business/2019/may/22/what-went-wrong-at-british-steel