Lenders to the petrol forecourts arm of the ailing group behind the Prax Lindsey oil refinery have drafted in Metropolis advisers forward of the enterprise being put up on the market.
The unit trades from greater than 200 websites throughout the UK, based on the corporate’s web site, with experiences on the weekend suggesting that some websites are going through gas shortages due to provide agreements that they’ve with the group’s refinery in Lincolnshire.
The refinery collapsed into obligatory liquidation final month and is now being run by restructuring consultants at FTI Consulting on behalf of the Official Receiver.
The plant – one in all solely a handful of oil refineries nonetheless working within the UK – provides roughly 10% of the UK’s gas.
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Employees are seen on the Lindsey refinery. Pic: Prax Group
The petrol forecourts arm – which isn’t itself in administration – is probably going to attract curiosity from business friends.
Ministers have ordered an Insolvency Service probe into the conduct of the husband-and-wife staff behind State Oil, mum or dad firm of the Prax Group, alleging they had been misled concerning the firm’s funds within the build-up to its insolvency.
The group is reported to owe the UK tax authorities within the area of £250m, with insiders saying that Sanjeev Kumar Soosaipillai and his spouse Arani had been in talks a few Time to Pay association with HM Income & Customs previous to State Oil’s collapse.
AlixPartners didn’t reply to a request for remark.
