Collapsed steel firm Aartee Bright Bar is set to be merged with Liberty Steel has bought Aartee and filed an application to challenge the administration. GFG Alliance’s application to challenge administration is being supported by a majority of business creditors. A legal challenge to the administration has been filed to the court by an unnamed creditor. GFG Alliance’s Chief Transformation Officer Mr Jeffrey Kabel said “Aartee is a significant part of the UK’s steel supply chain and distribution network, and a key customer for GFG’s bar products produced in Rotherham by Liberty. Our rescue plan would save 250 viable steel jobs in the West Midlands and across the UK. Over time, Aartee’s business would be integrated into Liberty’s operations helping to reinforce our UK transformation plan focused on producing specialist steel products.” The steelworkers union, Community’s National Officer Mr Alun Davies said “The news of GFG Alliance’s purchase of Aartee Bright Bar is very encouraging. Aartee seems a natural fit for GFG and the acquisition can safeguard jobs and important steel assets. While we await further details about GFG’s plans for Aartee, this development will, no doubt, be welcomed by both the Aartee workforce as well as those working across the supply chain.” The West Midlands-based UK’s largest distributor of engineering steel products and a key customer of Mr Gupta’s Liberty Steel, Aartee called in administrators Alvarez & Marsal earlier this month blaming tough economic conditions and surging metal costs for the downfall. Alvarez & Marsal’s Joint Administrator Mr Michael Magnay said “The joint administrators continue to market the business and assets of Aartee Bright Bar Limited and Aartee Bright Bar Property Limited for sale, and are in dialogue with a number of interested parties. The recent acquisition of Aartee Group Pte Ltd does not impact the ongoing administration process. As joint administrators, we continue to perform our duties to realise the best outcome for creditors.” 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.
Collapsed steel firm Aartee Bright Bar is set to be merged with Liberty Steel has bought Aartee and filed an application to challenge the administration. GFG Alliance’s application to challenge administration is being supported by a majority of business creditors. A legal challenge to the administration has been filed to the court by an unnamed creditor. GFG Alliance’s Chief Transformation Officer Mr Jeffrey Kabel said “Aartee is a significant part of the UK’s steel supply chain and distribution network, and a key customer for GFG’s bar products produced in Rotherham by Liberty. Our rescue plan would save 250 viable steel jobs in the West Midlands and across the UK. Over time, Aartee’s business would be integrated into Liberty’s operations helping to reinforce our UK transformation plan focused on producing specialist steel products.” The steelworkers union, Community’s National Officer Mr Alun Davies said “The news of GFG Alliance’s purchase of Aartee Bright Bar is very encouraging. Aartee seems a natural fit for GFG and the acquisition can safeguard jobs and important steel assets. While we await further details about GFG’s plans for Aartee, this development will, no doubt, be welcomed by both the Aartee workforce as well as those working across the supply chain.” The West Midlands-based UK’s largest distributor of engineering steel products and a key customer of Mr Gupta’s Liberty Steel, Aartee called in administrators Alvarez & Marsal earlier this month blaming tough economic conditions and surging metal costs for the downfall. Alvarez & Marsal’s Joint Administrator Mr Michael Magnay said “The joint administrators continue to market the business and assets of Aartee Bright Bar Limited and Aartee Bright Bar Property Limited for sale, and are in dialogue with a number of interested parties. The recent acquisition of Aartee Group Pte Ltd does not impact the ongoing administration process. As joint administrators, we continue to perform our duties to realise the best outcome for creditors.” 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.
