Overview

• The High Court granted a winding‑up order for SSUK, placing the company into compulsory liquidation under the Official Receiver with Teneo appointed as special managers.
• Managers told unions that August wages will be paid before the bank holiday and that a year of unpaid employer pension contributions will be made good.
• Judges cited dire finances, noting only about £600,000–£650,000 in cash against a monthly payroll of roughly £3.6m–£3.7m and losses of about £340m over four years, calling the company “hopelessly insolvent.”
• Sanjeev Gupta’s proposed pre‑pack buyback, prepared with Begbies Traynor and referencing funding talks involving BlackRock and Fidera, was rejected; GFG says it will continue to pursue a bid.
• The Official Receiver has begun a sale process after receiving approaches from potential buyers, with ministers stressing the plants’ strategic role and saying the state is not taking ownership or providing new financing.