The acquisition includes the distribution business of Aartee Bright Bar Limited in Rugby, Bolton, Newport and Southampton and the Bright Bar business operating out of Willenhall, as well as the freehold and leasehold interests of Aartee Bright Bar Property Limited in these sites. The sale also resulted in the retention of 173 jobs.
However, Aartee Bright Bar Limited's Hot Rolling facility in Dudley was not included in the transaction and will reportedly be liquidated, leading to 45 redundancies and the closure of the facility.
Michael Magnay, managing director of Alvarez & Marsal, said: "This significant investment from Barrett Steel is a vote of confidence in the business and the wider UK steel sector. The companies' creditors will now receive a significant dividend and have the opportunity to trade with new businesses going forward."
Marcus Tyldsley, chief financial officer at Barrett Steel, said his firm was "delighted" with the acquisition "as part of our ongoing expansion strategy".
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