"As a responsible seller, Tata Steel is delighted to have secured a buyer for this business and we hope that under Greybull ownership, the business will continue the momentum of the improvement program that has been initiated in the last 12 months.
Employees and trade unions have worked closely with the Long Products Europe management team to improve the business’s prospects, putting it in a more competitive position than it has been for many years.
It is through their dedication and hard work that we are in this position today in spite of continued challenges in the market".
Tata Steel has issued a statement confirming it will work under the name British Steel following the sale to Greybull Capital.
"Tata Steel UK completes sale of Long Products Europe business to Greybull Capital Tata Steel UK today announced the completion of the sale of its Long Products Europe business to Greybull Capital LLP. During the last twelve months, the Long Products Europe business has implemented a transformation plan including a portfolio restructuring of assets, underpinned by committed support from employees and their trade unions. This has focused the business on higher-value markets supported by a more competitive cost base.
"From today the Long Products Europe business, which in the UK includes the Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a rail mill in northern France, will trade under the name of British Steel. All together the business employs 4,800 people – 4,400 in the UK and 400 in France. The sale follows an accelerated process of negotiations between Tata Steel UK and Greybull Capital to achieve this outcome."
Tata Steel has confirmed the sale of its Long Products division to Greybull Capital. The deal safeguards 900 jobs in the region, at sites including Teesside Beam Mill in Lackenby and Special Profiles in Skinningrove. The sites had been under threat of closure if Tata failed to find a buyer.
Newcastle United owner, Mike Ashley, has agreed to appear before MPs next month to answer questions about conditions at his Sports Direct firm. The agreement is based on the condition that they visit the factory first.
The businessman had previously refused to give evidence in parliament over concerns about how workers were treated at the warehouse in Derbyshire. The Business, Innovation and Skills Committee says it will consider his offer next week.
"We can confirm that Mike Ashley has agreed to attend Westminster - provided that the committee members visit the Shirebrook premises in advance to see employment conditions and practices with their own eyes."
Business Improvement District Company, NE1 Ltd has been assessing the economic impact of Newcastle United’s relegation.
They say it's not 'all doom and gloom' for Newcastle.
They point out that:
- When Newcastle United was last in the Championship league, attendance at home games was on average 5,000 less per game.
- However - there are more matches played in the lower league so over the course of the season an additional 100k visitors can be expected in the city.
“As a lifelong Newcastle fan, its hugely disappointing, but with my business head on I have to recognise that Football isn't the only string to our bow. The Club is a hugely important part of the city, but it's worth reminding ourselves that Newcastle is the number one retail destination in North East England.
It is also the number one culinary, cultural and hotel destination in the North East of England.
We can also boast the largest concentration of finance and professional services in the region.
Newcastle has a compelling programme of annual events, with highlights across the summer months including Magic Weekend, Newcastle Pride, NE1 Newcastle Motorshow, Monument Movies and NE1 Newcastle Restaurant Week giving hundreds of thousands of people reason to visit.
We are a premier league city and I have no doubt that we will, once again have a premier league football team in the not too distant future.
CCTV images have been released after an appeal following a theft from Eldon Square shopping centre.
On Tuesday, March 29, around £450 worth of clothing was stolen from the Hollister store inside the centre.
Officers have released this CCTV image of a man they want to speak to in connection with the incident.
He was in the shop at the time of the theft and may be able to help with enquiries.
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The Business Secretary is to visit the giant Port Talbot steelworks today as he returned from a meeting with the plant's owners at Tata Steel to press them for time to find a buyer.
Sajid Javid confirmed he was on his way to South Wales, where he is expected to meet managers and workers' representatives for the second time in a week.
Mr Javid, who has been criticized for failing to recognise the crisis engulfing the UK steel industry, also visited the plant last Friday.
He had cut short a business trip to Australia when Tata announced it was looking to sell.
Mr Javid said Tata's sale process will start by Monday, although there was no set time frame for it to be completed.
Tata Steel workers will travel to London to try and save their industry after last week's announcement its UK branch would be sold.Read the full story ›