Those behind a proposed management buyout of Tata Steel's UK business have established a company for their bid.
Excalibur Steel UK Limited has been registered and Roger Maggs of Port Talbot Waterfront Enterprise Zone has been appointed as chairman, with Stuart Wilkie - who is taking a leave of absence from his role as Tata's UK strip products director - as chief executive officer and Simon Gibson as non-executive director.
We are grateful to Tata for granting Mr. Wilkie leave of absence from the company to fully participate in the MBO. 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 has confirmed it has given UK strip products director Stuart Wilkie a leave of absence to allow him to work on a management buyout bid.
Tata Steel has allowed Stuart Wilkie, currently Hub Director for Tata Steel Europe's Strip Products UK business, temporary paid leave of absence to give him sufficient opportunity to develop the Management Buy Out bid for Tata Steel UK that he intends to lead. Mr Wilkie will be replaced on a temporary basis by Jon Ferriman. Mr Ferriman, currently leading the Project Management Office for Tata Steel Europe, is a highly experienced operational manager with detailed knowledge of the Strip Products UK business having previously held the role of Hub Director.
Tata says all expressions of interest in the business will be considered, including any management buyout proposals.
Tata Steel's UK director Stuart Wilkie is stepping aside from his role to pursue a management buyout of the business.
Mr Wilkie, who is expected to meet staff in Port Talbot to discuss the buyout later today. It's believed former director Jon Ferriman is likely to takeover the role.
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Tata Steel's Port Talbot chief, Stuart Wilkie is expected to meet with staff at the plant to discuss his decision to launch a management buyout of the company's operations in the UK.
Tata is selling its entire UK business and has asked for expressions of interest as part of the sales negotiations process.
Mr Wilkie was one of the main people behind a survival plan that was rejected by the Tata board in India. His new bid is said to be based on that plan.
It's believed that the potential bid involves Tata employees investing.
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