Barrett Steel Acquires the Majority of Aartee Bright Bar
DWF’s restructuring team advised long-standing client Barrett Steel Limited on a distressed deal involving complex structural issues surrounding the failure of the West Midlands based Aartee Bright Bar steel business, which was placed into administration in February 2023 by its lender, FGI Worldwide.
Michael Magnay, Richard Fleming and Gemma Quinn of Alvarez and Marsal were appointed as joint administrators of both Aartee Bright Bar and Aartee Bright Bar Property.
The deal immediately followed simultaneous court high court proceedings whereby Aartee’s immediate UK holding company, Aartee Steel Group, was placed into compulsory liquidation. Aartee Bright Bar had until then operated as Britain’s largest distributor of engineering steel products, but was thwarted by rising energy and procurement costs.
Barrett Steel’s rescue deal means it will take on the group’s distribution business in Rugby, Bolton, Newport and Southampton, with its Bright Bar business operating out of Willenhall and freehold and leasehold properties at the sites. The deal also secures the continuation of employment for 186 employees under a strong operational platform.
DWF’s multi-disciplined deal team was led by senior restructuring partner Natasha Atkinson, who was supported by associates Monica Hamid and Samantha Francis (restructuring) and colleagues James Speed (real estate), John Toon (tax), Marcus Fink (pensions), Nigel Crebbin (employment) and Tughan Thuraisingam (data protection) alongside the administrators at Alvarez and Marsal.