The rescue deal comes after Aartee, the UK’s largest distributor of engineering steel products and a key customer of Mr Gupta’s Liberty Steel, called in administrators Alvarez & Marsal (A&M) earlier this month. The administrator said it has not been approached by GFG about the acquisition or with a rescue plan, and that the move does not impact its ongoing administration process of Aartee Bright Bar. Michael Magnay, the joint administrator at A&M, said: “The joint administrators continue to market the business and assets of Aartee Bright Bar Limited and Aartee Bright Bar Property Limited for sale, and are in dialogue with a number of interested parties. “Our rescue plan would save 250 viable steel jobs in the West Midlands and across the UK. Alun Davies, Community’s national officer, said: “The news of GFG Alliance’s purchase of Aartee Bright Bar is very encouraging.

Source: The Star February 17, 2023 23:16 UTC