GREYBULL CAPITAL have swooped for Tata Steel sites in a £1 deal.
The private equity house has bought the Long Products division, primarily based in Scunthorpe and the design agency in York.
The firm will also take on two mills in Teesside, an engineering site in Workington, and a mill in Northern France, but does not include Tata's other UK sites including Port Talbot, which employ around 15,000 people altogether.
It will involve a £400m rescue package for the business.
The acquisition will see the British Steel name back in circulation.
In a statement on their website, Tata Steel Europe announced that they have reviewed several options for the sale of the UK business, and is divesting its entire shareholding in Tata Steel UK.
It said it wanted " to run a thorough, but expedited sale process" and was looking globally for suitors for the business, which has led to
KPMG and Slaughter and May advised Tata Steel UK on the successful divestment process of Longs Steel UK, the subsidiary of Tata Steel UK, primarily based in Scunthorpe.
Greybull Capital is based in Knightsbridge in London. The private equity business, founded in 2008 by Nathaniel and Marc Meyohas, was involved in the OpCapita acquisition of Comet in 2011 shortly before its administration, as well as a £75m investment in Monarch airlines. At the time it made 700 redundancies at the firm.
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