Owner Sanjeev Gupta urgently seeking new lenders before government pay support ends for thousands of workers
Ministers and unions fear that Liberty Steel faces a “cliff edge”, risking thousands of jobs when the UK’s furlough scheme ends next month, unless owner Sanjeev Gupta can secure a new source of financing after months of delays.
Gupta’s loose conglomerate, GFG Alliance, has been urgently seeking new lenders to plug a black hole after the collapse of Greensill Capital, its key lender, in March. GFG faces a Serious Fraud Office (SFO) investigation into those financing arrangements.