• Thu. May 23rd, 2024

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Local business advisers support deal for SSI Steelworks

The business recovery and advisory divisions of Begbies Traynor Group, which has an office in Stockton-on-Tees, has welcomed the announcement last week of the deal between Tees Valley mayor, Ben Houchen, and SSI Steelworks. It will see the 840 acres of land at Redcar owned by SSI UK, along with all other assets on the site, acquired by and transferred to the South Tees Development Corporation.

Dave Broadbent, partner at Begbies Traynor, together with Martin Barron of BTG Advisory, assisted Tees Valley Combined Authority, liaising with the Official Receivers’ Office to resolve some of the complex issues as a result of the compulsory liquidation of SSI.

“As a business based in Teesside, we are proud to have played a part in helping to bring this ground breaking transaction to a successful conclusion,” commented Dave Broadbent. “This deal will literally be transformational for the region, creating thousands of jobs over the next 20 years. It is a great achievement and a credit to Mayor Houchen and all parties that we have been able to give this area a much brighter future.”

Mayor Bouchen commented: “I appreciate the hard work and commitment of everyone involved in making this deal happen. Begbies Traynor Group was able to help us to navigate a number of issues involved and we were particularly pleased to be supported by a firm with a base in the Teesside area.

“We now have the building blocks in place to create the good quality, well paid jobs we all want to see delivered on the former Redcar steelworks site, and we’re making good progress. We’ve just officially launched Net Zero Teesside, the world’s first industrial scale Carbon Capture, Utilisation and Storage project, and if I’m re-elected in May I will bring steelmaking back to Teesside with a new state-of-the-art electric arc furnace. Together these two projects will create just short of 10,000 jobs and this is just the start.”

Begbies Traynor Group plc is a leading business recovery, financial advisory and property services consultancy, providing services nationally from a comprehensive network of UK locations. Begbies Traynor is an independent business recovery practice, principally serving the mid-market and smaller companies. The group’s BTG Advisory division is a boutique practice, providing commercial, strategic and partner-led advice, offering the broad range of professional services necessary to provide viable and effective solutions to businesses.