West Midlands-based Aartee Bright Bar has called in Alvarez & Marsal as administrators, with Sanjeev Gupta’s Liberty Steel tipped as a potential buyer of its assets, Sky News understands.
A major supplier to Britain’s third-biggest steel producer has been forced to call in administrators, deepening the financial gloom engulfing the industry.
Aartee is a supplier of engineering steel products to Liberty Steel, which is part of the industrial conglomerate headed by Sanjeev Gupta. Michael Magnay, Joint Administrator at A&M, said in a statement issued to 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.
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