Sky News has reported that West Midlands-based Aartee Bright Bar, which employs 250 people, has drafted in Alvarez & Marsal to handle an insolvency process. Alvarez & Marsal joint administrator Mr Michael Magnay told Sky News “Like many businesses in its sector, Aartree Bright Bar has been facing significant headwinds as a result of the challenging economic environment and fluctuating steel prices. Against this backdrop, Administrators have been appointed and we are exploring the options available to preserve value." US-based financier FGI has called in administrators Alvarez & Marsal on UK bright bar producer Aartee Bright Bar. The FGI charge on Aartee assets was registered on 30 April 2021, according to Companies House filings. The charged securities under the agreement include Aartee Steel Group, Aartee Steel Operations, Aartee Steel Holdings and Aar Tee Industries Holdings UK. Aartee's previous funder, RBS Invoice Finance, withdrew its support for the company in 2020. After this, the company said there was uncertainty over whether Bright Bar could continue as a going concern. Aartee is owned by Mr Ravi Trehan, a former director of UK steel producer Liberty Steel Newport, other Liberty companies, and a number of entities linked closely with the Gupta Family Group Alliance. Mr Trehan also previously had a minority stake in Liberty Commodities. Mr Gianpiero Repole, former director of Liberty Commodities and business development manager at GFG, left his role as chief executive of Aartee Bright Bar in August 2022.
Sky News has reported that West Midlands-based Aartee Bright Bar, which employs 250 people, has drafted in Alvarez & Marsal to handle an insolvency process. Alvarez & Marsal joint administrator Mr Michael Magnay told Sky News “Like many businesses in its sector, Aartree Bright Bar has been facing significant headwinds as a result of the challenging economic environment and fluctuating steel prices. Against this backdrop, Administrators have been appointed and we are exploring the options available to preserve value." US-based financier FGI has called in administrators Alvarez & Marsal on UK bright bar producer Aartee Bright Bar. The FGI charge on Aartee assets was registered on 30 April 2021, according to Companies House filings. The charged securities under the agreement include Aartee Steel Group, Aartee Steel Operations, Aartee Steel Holdings and Aar Tee Industries Holdings UK. Aartee's previous funder, RBS Invoice Finance, withdrew its support for the company in 2020. After this, the company said there was uncertainty over whether Bright Bar could continue as a going concern. Aartee is owned by Mr Ravi Trehan, a former director of UK steel producer Liberty Steel Newport, other Liberty companies, and a number of entities linked closely with the Gupta Family Group Alliance. Mr Trehan also previously had a minority stake in Liberty Commodities. Mr Gianpiero Repole, former director of Liberty Commodities and business development manager at GFG, left his role as chief executive of Aartee Bright Bar in August 2022.
