Steel owner’s £6m fee

THE private equity firm that rescued British Steel for a symbolic £1 has raked in £6m from the firm in management fees.

Greybull Capital partners Marc Meyohas, 47, Nathaniel Meyohas, 44, and Richard Perlhagen, 38, charged the company £3m a year during 2017 and 2018.

The Greybull partners do not receive any pay from British Steel on top of the management fees. Nor have dividends been paid out. Greybull rescued the company from Tata during the depths of the steel crisis in 2016, returning it to profit one year later. Staff had to take a pay cut during a restructuring but they were given a 5pc stake in the firm.