Metals firm Liberty House is to make a bid for Tata’s UK business later today.
Last month the Government outlined a support package for potential buyers of Tata Steel UK, including the possibility of it taking a 25% stake in the business.
Tata Steel announced its intention to sell its UK arm in March and the Government has said it will offer any buyer a support package worth hundreds of millions of pounds. The British and Welsh governments are acting to prevent the closure of Port Talbot steelworks in Wales, and other facilities in England.
A spokesman for Liberty House told New Civil Engineer: “The intention is to put a letter of intent into Tata. Hopefully we’ll do that later today.”
A management buyout team called Excalibur Steel is also understood to be preparing a bid.
The Government has said financial support would be tailored to the buyers’ specific needs; however, it is expected to be largely through the provision of debt financing. Alternative financing, including convertible debt, would also be considered.