SOME 63 jobs at the Rugby branch of a steelwork manufacturer could be saved following a takeover.
Aartee Group has been acquired by GFG Alliance.
The group is a shareholder in Aartee Bright Bar (ABB) – which went into administration on February 6 following a creditor dispute. ABB owns a distribution hub in Paynes Lane.
GFG Alliance has filed an application to challenge the administration, and will seek to restart operations in a bid to save a total of 250 UK jobs.
GFG, which owns Liberty Steel Group, said it has provided funding to cover wages for four weeks to prevent a reduction in jobs expected under the administration.
GFG Chief Transformation Officer Jeffrey Kabel said: “ABB 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 ABB’s business would be integrated into Liberty’s operations, helping to reinforce our UK transformation plan focused on producing specialist steel products.”
Aartee Bright Bar was created after Aar Tee acquired Acenta Steel in 2018. It supplies engineering steel products to Liberty Steel.
A GFG spokesperson said the company was looking forward to communicating directly with ABB employees ‘when conditions allow’.
Joint Administrator 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.”
