Potential Aartee Bright Bar buyers walk away

Some potential buyers of Aartee Bright Bar have walked away because of the Gupta Family Group Alliance's purchase of its parent company, sources told Argus.

Aartee Bright Bar entered administration last month at the behest of its lender FGI.

Parties located in the UK were interested in various parts of the Aartee Bright Bar business, but some have withdrawn from the process because of uncertainty over the ownership of the freehold of the site, and over who owns steel sitting at the Willenhall plant.

While material at the site was paid for, this was done by Reibus, the online marketplace, not Aartee, a source at the company said. Reibus did not return requests for comment.

Final bids for the business were due to be submitted on 22 February.

The GFG Alliance announced it had purchased Aartee Group Pte on 17 February, which also meant it would acquire the Bright Bar facility, it said. But the administrator of the business, Alvarez & Marsal, said this purchase had no impact on the Bright Bar business, and that it had not been approached by GFG.

GFG has contested the administration, with a full hearing on the matter to take place on 15 March.

By Colin Richardson