UK-based GFG Alliance has announced that it has finalized its business plan for the UK’s largest distributor of engineering steel products Aartee Bright Bar (ABB), that will be presented to court tomorrow, March 15, seeking the immediate end of the administration of ABB.
According to the company’s statement, its business plan for ABB is supported by a majority of its creditors. GFG will provide financial support to cover ABB’s working capital needs.
GFG Alliance has provided over £200 million of financial support to its UK businesses in the past 18 months.
GFG acquired ABB with an aim of securing 250 jobs in the West Midlands and across the UK, as SteelOrbis previously reported. The company has provided funding of £620,000 to cover wages and avoid instant redundancies which were intended by the administrator.