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Businessman Sanjeev Gupta is in talks over a deal to salvage his remaining UK steel operations, Sky News reported on Saturday. The ‘so-called connected pre-pack administration’ of Liberty Steel’s Speciality Steel UK arm would prevent the operations’ ‘collapse into compulsory liquidation’, Sky said. Gupta is the executive chair of Liberty Steel Group. The outlet further stated that the ‘controversial deal’ would involve Speciality Steel UK’s assets being sold, potentially to parties linked to Gupta, after ‘shedding hundreds of millions of pounds of tax and other liabilities to creditors’. It said accountancy firm Begbies Traynor is understood to be working on efforts to progress the deal. According to Whitehall sources, Sky News said, UK government officials have stepped up planning for the collapse of Speciality Steel UK if its previously deferred winding-up petition is approved. The petition is set to be heard next Wednesday. Following such an approval, the steel producer would ‘enter compulsory liquidation within days’. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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