British Steel bidder loses interest as UK fails to offer support

June 22, 2019

A frontrunner to buy British Steel has been deterred by the government’s refusal to provide backing for investment in the Scunthorpe steelworks, amid concern there is just a week left to save the company.

The government’s Insolvency Service, which is funding British Steel’s operations while seeking a buyer, has given bidders until 30 June to make an offer for the company, whose financial failure last month put 4,500 jobs at risk.

About a dozen firms are thought to have made tentative approaches and the deadline could be extended if any ask for more time to draft a takeover plan.

But the Guardian understands that Liberty House, previously considered among the most likely to buy British Steel, has cooled its interest after failing to secure government support, including loan guarantees to fund investment.

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