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MPs to question British Steel owners after collapse

MPs are set to call in British Steel’s former owners to ask questions about the firm’s collapse.

British Steel, the second largest producer in the UK, officially fell into administration this week, putting thousands of jobs at risk.

Private equity firm Greybull Capital bought the debt-laden business off Tata Steel for just £1 in 2016, but has been unable to stave off its decline after taking control of plants across Scunthorpe, Teesside and Skinningrove.

The Times reports that the business, energy and industrial strategy select committee “will want to look at what triggered the collapse of the company”, according to its chairwoman Rachel Reeves MP.

Catch up with Money Marketing’s coverage of the ongoing British Steel scandal

Among those expected to be called for questioning include Greybull co-founder Marc Meyohas, and partner Daniel Goldstein.

When British Steel’s Port Talbot plant closed, unsuitable defined benefit pension transfers left many workers out of pocket.

At that time, MPs on the work and pensions select committee attempted to call director of advice firm Active Wealth Darren Reynolds into parliament for a hearing, but he failed to show up.

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  1. Terry Mullender 28th May 2019 at 12:14 pm

    The Tata Steel (UK) plant (not British Steel) at Port Talbot did not and has not closed. What closed was the British Steel Pension Scheme (BSPS) with scheme members transferring either into the BSPS II, the PPF or to an individual pension arrangement.

    Can we have some accurate reporting please.

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