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Jonathan Thacker
Businessman Michael Flacks, through his company Flacks Group, focuses on corporate restructuring. The investor expressed to the publication that he has a strong interest in purchasing British Steel.
Someone needs to step up and take control of British Steel. "This plant holds national significance," he stated. "I recognize a significant opportunity that has been largely ignored by many in this industry."
Flacks mentioned that he is collaborating with investment bankers to create a proposal.
The Scunthorpe plant has a complex history: in the last ten years, multiple efforts have been made to make it a successful and profitable operation, but they have all ended in failure. In 2016, the British private equity firm Greybull Capital purchased the plant from India's Tata Steel for just £1. However, by 2019, Tata Steel had gone bankrupt and was put into receivership. In March 2020, China's Jingye Steel prevented the closure of the plant by acquiring British Steel from the official UK receiver for about £50 million, which is approximately $68.5 million.
In the spring of 2025, the government stepped in to take control of British Steel due to worries that Jingye intended to leave the Scunthorpe plant, which was losing £700,000 each day. This choice protected the employment of 3,500 workers, yet the company's operational expenses were passed on to the taxpayers.
source: ft.com
Someone needs to step up and take control of British Steel. "This plant holds national significance," he stated. "I recognize a significant opportunity that has been largely ignored by many in this industry."
Flacks mentioned that he is collaborating with investment bankers to create a proposal.
The Scunthorpe plant has a complex history: in the last ten years, multiple efforts have been made to make it a successful and profitable operation, but they have all ended in failure. In 2016, the British private equity firm Greybull Capital purchased the plant from India's Tata Steel for just £1. However, by 2019, Tata Steel had gone bankrupt and was put into receivership. In March 2020, China's Jingye Steel prevented the closure of the plant by acquiring British Steel from the official UK receiver for about £50 million, which is approximately $68.5 million.
In the spring of 2025, the government stepped in to take control of British Steel due to worries that Jingye intended to leave the Scunthorpe plant, which was losing £700,000 each day. This choice protected the employment of 3,500 workers, yet the company's operational expenses were passed on to the taxpayers.
source: ft.com
