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The dismantling of Sanjeev Gupta's British concern empire is accelerating aft advisers were hired to find a purchaser for a alloy accumulation concern which supplies lipid giants including BP and Shell.
Sky News has learnt that Liberty Steel's Hartlepool-based alloy pipes unit, which employs astir 170 people, is hunting a purchaser wrong weeks.
Industry sources said that BTG Advisory, besides known arsenic Begbies Traynor, had been hired to grip the merchantability process.
Prospective buyers person been sounded retired successful caller days.
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The Liberty Pipes business, which besides counts Equinor among its customers, has been loss-making successful caller years.
It is portion of Mr Gupta's Liberty Steel Group, which successful crook is owned by the embattled businessman's GFG Alliance.
Last summer, the bulk of his British operations, known arsenic Speciality Steel UK (SSUK), were placed into liquidation aft a justice ruled them to beryllium "hopelessly insolvent".
A merchantability process being overseen by the Official Receiver is good underway and has drawn involvement from much than a fistful of parties.
These see Arabian Gulf Steel Industries, Sky News reported this month, portion The Sunday Times besides named EIG Global Trust, a cryptocurrency fund, and 7 Steel, arsenic rival bidders.
Mr Gupta has himself been exploring a imaginable offer, with backing from the American money absorption elephantine BlackRock.
The Insolvency Service precocious said: "We tin corroborate that the Official Receiver continues to advancement bids for the merchantability of Speciality Steel UK.
"The income process is ongoing, with the purpose to implicit a merchantability astatine the earliest opportunity."
The Liberty Pipes part is precocious understood to person delivered 51,000 tonnes of alloy tube to a immense c clump task connected Teesside which has besides faced disapproval for placing a abstracted bid for Chinese-made, alternatively than British, steel.
Sir Keir Starmer's sojourn to China this week was expected to see immoderate notation to the aboriginal of British Steel, which is owned by China's Jingye Group but nether the power of the UK government.
Bids for the Liberty Pipes concern are understood to beryllium being sought by 10 February.
It was unclear connected Friday whether the pipes portion would person a viable aboriginal unless a purchaser is found.
A Liberty Steel spokesperson said: "The directors of Liberty Pipes Hartlepool person launched an accelerated income process for the institution and its assets to place the close concern oregon strategical capitalist to enactment continued accumulation and present a semipermanent sustainable business.
"A targeted merchantability transaction, if concluded, would support skilled employment, maximise plus value, and present the astir favourable result for the company's stakeholders.
"The process is expected to advancement connected an accelerated timeline, with a people to implicit by 20 February."
"The institution is moving connected an breathtaking income pipeline for the coming years encompassing c capture, hydrogen infrastructure, LNG and lipid and state projects crossed the UK, EU, Americas, the Middle East and Asia."
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