Aartee Bright Bar Ltd and Aartee Bright Bar Property Ltd – administration

Aartee Bright Bar Ltd and Aartee Bright Bar Property Ltd (collectively, “Aartee“), a West Midlands-based producer and vendor of engineering bars and a major customer of Britain’s third-biggest steel producer, Liberty Steel, entered administration on 6 February. Joint Administrators Michael Magnay and Richard Fleming of Alvarez & Marsal said that Aartee, which employs 250 people, has been facing significant headwinds as a result of the challenging economic environment and fluctuating steel prices. The Joint Administrators are currently exploring options to preserve Aartee’s value. Meanwhile, steel tycoon Sanjeev Gupta has reportedly acquired control of an indirect shareholder of Aartee and is attempting to overturn the administrations. Fgi Worldwide Llc, and Godfrey Nelson Knowles, Christopher Hugh Hall, Timothy Jobling and Richard Michael Moyse have registered charges against Aartee.