29 Mar 2016: Tata plans sale of UK Steel
Indian Tata Steel group has confirmed it plans to sell its remaining UK steel operations citing losses of £2bn in five years.  Commentators have already highlighted the potential downside for the 130,000 member, £15bn pension scheme if a buyer cannot be found.  Certainly the scheme itself, with a £485m deficit could act as a deterrent for any potential buyers.

Argyll comment:  despite Tata's desire for a quick sale, the existence of the pension scheme could mean a deal takes some time to emerge.  If the UK operations are allowed to fail, with the scheme potentially falling into the PPF, then there may be scope for TPR to use its anti-avoidance powers.  However, the effectiveness of these against an Indian parent has yet to be tested.
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