British Steel to enter insolvency

British Steel is set to be placed into an insolvency process, putting 5,000 jobs in the UK at risk and endangering 20,000 in the supply chain.

The move follows a breakdown in rescue talks between the government and the company’s owner, Greybull.

The Government’s Official Receiver will take control of the company as part of the insolvency process.

Accountancy firm EY will take on the role of Special Manager and attempt to find a buyer for the business.

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