Tue, 26 Apr 2016 | MBO/MBI
Tata Steel’s Strip Products UK hub director Stuart Wilkie has been granted a leave of absence in order to prepare a management buyout (MBO) deal for the distressed steel manufacturer.
Mr Wilkie is the new chief executive of bid vehicle Excalibur Steel UK Ltd, which was registered with Companies House on Friday 22 April, and intends to put together a serious and well-funded package to acquire Tata Steel in the UK. The other managers already on board include Roger Maggs as chairman, Simon Gibson as a non-executive director and Jonathan Fernandez Lewis as company secretary.
A spokesman for Excalibur said of the proposed deal: "We are in the process of establishing a full team plus advisors to progress the bid and engage with interested parties. Further statements will be made in due course.”
Tata Steel UK currently employs around 15,000 workers across the country, with its chief sites being located in Port Talbot, Rotherham, Shotton and Corby. Excalibur’s bid will apparently be backed by billionaire Sir Terry Matthews and will be based on an employee-management buyout.
Regarding the much-rumoured MBO proposition, Tata Steel Europe said: "All expressions of interest, including any management buyout proposals, will be considered when received."
"In the interests of all stakeholders every credible expression of interest will enter the same rigorous assessment process to ensure the best value and prospects of sustainability for Tata Steel UK."
For more information on the subject of MBOs and other strategies, see what to look out for when buying a business.
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