Would-be buyers hover over British Steel

BIDDERS are circling British Steel amid frantic efforts to find a buyer for the collapsed firm.

Ministers are thought to be pushing for a single buyer for the business – as up to 25,000 jobs hang in the balance.

An industry source said several bidders are interested. British Steel flopped after the Government refused to supply £30million to keep it going – which Business Secretary Greg Clark said would have been illegal under EU ‘state aid’ rules.

Companies including London-based Liberty Steel are said to be thinking of bidding, with a spokesman saying they were ‘monitoring the situation’. Tory MP Simon Clarke said some bidders may prefer to buy some of the better-performing parts rather than the entire plant, but added: ‘The Government’s focus is quite rightly on preserving the whole of British Steel and selling it as one enterprise.’

Marc Meyohas of private equity firm Greybull Capital – which bought British Steel for £1 in 2016 – blamed uncertainty around Brexit for the loss of customers.