Lenders to ailing oil refinery's petrol forecourts arm plot sale

1 week ago 11

Lenders to the petrol forecourts limb of the ailing radical down the Prax Lindsey lipid refinery person drafted successful City advisers up of the concern being enactment up for sale.

Sky News has learnt that AlixPartners, the nonrecreational services firm, has been engaged by a syndicate of funds which are owed much than £200m by Prax Group's retail operations.

The portion trades from much than 200 sites crossed the UK, according to the company's website, with reports astatine the play suggesting that immoderate sites are facing substance shortages due to the fact that of proviso agreements that they person with the group's refinery successful Lincolnshire.

The refinery collapsed into compulsory liquidation past month and is present being tally by restructuring experts astatine FTI Consulting connected behalf of the Official Receiver.

The works - 1 of lone a fistful of lipid refineries inactive operating successful the UK - supplies astir 10% of the UK's fuel.

Last week, Sky News revealed that the Official Receiver had acceptable prospective buyers of Prax Lindsey a two-week deadline to bargain the site, though galore successful the manufacture expect it to beryllium coiled down alternatively than sold.

 Prax Group

Image: Workers are seen astatine the Lindsey refinery. Pic: Prax Group

The petrol forecourts limb - which is not itself successful medication - is apt to gully involvement from manufacture peers.

Ministers person ordered an Insolvency Service probe into the behaviour of the husband-and-wife squad down State Oil, genitor institution of the Prax Group, alleging they were misled astir the company's finances successful the build-up to its insolvency.

The radical is reported to beryllium the UK taxation authorities successful the portion of £250m, with insiders saying that Sanjeev Kumar Soosaipillai and his woman Arani had been successful talks astir a Time to Pay statement with HM Revenue & Customs anterior to State Oil's collapse.

AlixPartners did not respond to a petition for comment.

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