Sky News has learnt that Systra, which has been engaged in talks to buy TSP for three months, has clinched a deal to buy the business, along with its GBP 70 million plus pension liabilities. The agreement is expected to be announced by Systra and the Official Receiver, which has been managing British Steel since it collapsed into compulsory liquidation in May. Confirmation of the deal between Systra and TSP will make it the first British Steel division to be sold to new owners since the group’s collapse in the wake of a government decision not to provide further state funding.
Sky News revealed last week that the sale of TSP was being held up by the need for a secured lender to agree to the transaction. The lender PNC agreed to do so earlier this week.
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