Lex Greensill boasted of company’s ‘enormous’ liquidity before collapse April 7, 2021 Lex Greensill boasted to staff that his company had “enormous” liquidity just three weeks before the finance firm collapsed into insolvency, according to reports. The Australian financier reassured Greensill Capital staff in an internal video on 15 February that a funds held by Credit Suisse were robust, the Financial Times reported. “We’ve got enormous amounts [...]
Boris Johnson ‘very hopeful’ government can bail out Liberty Steel April 1, 2021 Boris Johnson has said today that he is “very hopeful” the government will be able to bail out ailing Liberty Steel, saying it “would be crazy” for the government not to buy British steel post-Brexit. The Prime Minister said on a trip to Middlesbrough today that business secretary Kwasi Kwarteng had been in “daily contact” [...]
Calls grow louder for government to create green fund for UK’s steel industry March 30, 2021 The government is under growing pressure to bring forward a £250m green fund for the UK’s steel industry to help rescue the ailing industry. The Clean Steel Fund was originally announced in 2019 by the government in a bid to reduce carbon emissions in the sector through new business invesment. However, the fund is not [...]
Gupta’s Liberty Steel to restart UK operations next week as Government talks roll on March 29, 2021 Gupta's Liberty Steel to restart UK operations next week
Gupta’s empire on the brink as ministers reject bailout plea March 28, 2021 Ministers have rejected Sanjeev Gupta’s request for a bailout over concerns surrounding the group’s opaque structure. The steel tycoon wrote to ministers last week asking for a £170m to avert collapse but a senior civil servant has since formally rejected the plea, according to the Sunday Times. It cited multiple concerns including the group’s structure [...]
GFG Alliance asks ministers for £170m bailout to avoid collapse March 26, 2021 Sanjev Gupta’s steel empire has asked the government for an emergency bailout of as much as £170 to avert collapse. GFG Alliance wrote to the government this week to request emergency funding as it grapples with financing following Greensill’s collapse, according to Sky News. Greensill, which specialises in supply chain finance, was among GFG’s biggest [...]
Jessops files for administration with 17 stores and 120 jobs at risk March 26, 2021 Jessops, the camera retailer owned by Dragons’ Den investor Peter Jones, has filed a notice to appoint administrators after it was affected by lockdown restrictions. The company, which was bought by Mr Jones in 2013, currently employs 120 staff and runs 17 stores. It has hired insolvency specialists FRP and said it is now considering [...]
Rolls-Royce bulk-buys Liberty steel ahead of feared collapse March 26, 2021 Rolls-Royce is buying enough steel from Liberty to last until Christmas to guarantee supplies in case parent company GVG Alliance collapses. The jet engine manufacturer is buying a relatively small amount of speciality steel for an undisclosed value, the Telegraph first reported, for fear the steel manufacturer may go out of business. Liberty Steel is [...]
Majority of at-risk listed firms claimed government Covid support even as some neared collapse March 25, 2021 More than half of listed firms most at-risk of going bust claimed Covid support from government
Government draws up plans to run Liberty Steel as concerns of GFG collapse grow March 20, 2021 The government is bracing for the collapse of GFG Alliance by drawing up plans to run Liberty Steel using public money. Liberty Steel is currently run by GFG Alliance, owned by tycoon Sanjeev Gupta, which is embroiled in the Greensill Capital scandal. The boutique bank, advised by former PM David Cameron, was among GFG’s biggest [...]