Live updates

Seven expressions of interest for Tata Steel’s UK business through to the next stage

The Board of Tata Steel Europe has announced that seven expressions of interest submitted for Tata Steel’s UK business, including its plants in South Yorkshire, have been immediately taken forward to the next stage of the sale process.

In addition, Tata Steel Europe is clarifying outstanding points with a number of other parties who have submitted an expression of interest.

We have been pleased with the response to the initial stage of the global sales process for Tata Steel’s UK business. Today’s announcement by Tata Steel Europe marks another important stage gate in this process. The expressions of interest received have been through a robust initial assessment process with inputs received from the UK Government whose views have been considered by the Board.

We believe that the bids being taken forward offer future prospects of sustainability for the UK business as a whole. The sales process will continue as announced earlier in an expedited and robust manner to deliver greater clarity for all key stakeholders such as employees, customers and suppliers.

Whilst the sales process continues, Tata Steel’s business in the UK under the new leadership team continues to focus on the business performance.

– Koushik Chatterjee, Group Executive Director (Finance and Corporate) of Tata Steel Limited

Advertisement

  1. National

PM: 'Number of serious inquiries of interest' in Tata received

David Cameron confirmed government has received statements of interest in buying Tata Credit: HOC

Prime Minister David Cameron has confirmed "a number of serious inquiries of interest into buying all of Tata" were received by yesterday's deadline.

He told PMQs that the government would now work with Tata Steel and potential buyers to "get that list down to those that are really seriously intending to bid for the business".

Hundred of jobs as Grimsby shopping centre expansion goes ahead

Work will soon begin on a £4.2m refurbishment of Grimsby's shopping centre.

250 construction jobs and 100 retail jobs will be created

It follows more than a year of applications, meetings and negotiations after the plans were announced back in 2014.

But work to expand the retail space by a 27,000 square feet will begin in June.

When complete, the work will more than triple the size of the town’s Primark store.

“This has been a project long in development, but it was important that every detail was carefully considered and the plan absolutely right before the work could begin.

“It will lead to the creation of 250 jobs during the construction and redevelopment works and more than 120 retail jobs upon completion, and it will ensure that Grimsby remains the number one shopping destination for people across the region.”

– Amanda Austin, said Freshney Place Shopping Centre
  1. National

Liberty House to bid to buy Tata Steel's UK assets

Tata Steel is to sell its UK assets. Credit: PA

Liberty House has confirmed it will put in a formal bid to buy Tata Steel's UK assets.

The commodities trading firm was the first to express an interest after the Indian conglomerate announced the decision to dispose of its loss making UK business, including the country's biggest steel plant at Port Talbot in south Wales.

A spokesman said Liberty said: "We can confirm that Liberty will submit a letter of intent to Tata Steel today and has put in place a strong internal transaction steering committee and panel of leading external advisers to take the bid forward."

A further statement is expected later today.

A management buyout team is also planning to submit a bid under the name Excalibur Steel UK Limited.

The Government has pledged to support any buyer of the business by buying up to a quarter stake and making hundreds of millions of pounds of finance available.

Work starts on £2.7m Scarborough Market Hall revamp

Work is starting on the £2.7m transformation of Scarborough Market Hall.

Contractors are starting preparatory work on the St Helen’s Square building ready for a complete revamp of the market.

The market will remain open with current stalls available throughout the work, which is expected to be completed by December.

The historic building will get a new mezzanine upper floor, creating space for new shops, offices and a café.

This is a fantastic step forward for the Scarborough Market Hall redevelopment and it is wonderful to see contractors on site and beginning the process of creating a much-improved market for Scarborough.

In the meantime the market will remain open and traders look forward to welcoming customers old and new.

– Councillor Bill Chatt, Scarborough Borough Council

Advertisement

Government prepares financial package for steel industry

After weeks of uncertainty there have been major developments today over the future of Tata Steel. The Government says it's preparing a financial package worth hundreds of millions of pounds for any potential buyers.

Steel expert Roger Maggs, who is heading the consortium, welcomed the intervention.

But Phillip Booth, Editorial and Programme Director at the Institute of Economic Affairs, thinks the Government shouldn't be using tax payers' money in this way.

Load more updates