HMRC is pulling the winding-up process of Liberty Steel

Britain’s tax authorities have withdrawn a wind-up order against a large portion of Liberty Steel, controlled by commodity trader Sanjeev Gupta.

Thousands of jobs were at risk after HM Revenue and Customs filed a petition in the High Court last month to shut down Specialty Steel UK and three other Liberty Steel businesses.

Plants that may have been damaged include the electric arc furnace at Rotherham in South Yorkshire and the high-value processing plant at Stokesbridge, which supplies British aerospace and the automotive industry.

Liberty Steel said yesterday that HMRC had withdrawn the petitions and injected more funds into the business to secure continued activities.

Liberty Steel is the UK arm of Gupta’s GFG Alliance, whose main lender, Greensil, a supply chain finance firm, has jumped on the bandwagon since financing last year.

Neither Liberty Steel nor HMRC disclosed how much tax was unpaid.

Jeffrey Cable, Liberty Steel’s Chief Transformation Officer, said: “We are pleased to report better progress in our discussions with lenders, including the UK’s HMRC.”

In Coventry, an automotive sector provider, 209 jobs are at risk, individually, after the company failed to find a buyer for Liberty Pressing Solutions.


Leave a Reply

Your email address will not be published.