Swiss investor interest in Lindsey Oil Refinery
Each bid is ‘being considered with care’
A Swiss investor has gone public with his interest in acquiring Lindsey Oil Refinery. Marc Acram has reaffirmed his readiness to submit a formal offer for the refinery.
He has also claimed special managers from FTI Consulting, overseeing the refinery on behalf of the Official Receiver, have not provided access to key information despite repeated requests. Mr Amram has consequently questioned the integrity of the bid process.
However, an Insolvency Service spokesperson has said every facet of the sales process is being carried out fairly and each bidder is following the same process for access to information. “Any suggestion to the contrary is completely wrong,” the spokesperson has said.
The refinery, near North Killingholme, is currently being wound down. Meanwhile, the Official Receiver is in discussions over a range of bids related to the site.
Last week, Unite’s general secretary wrote to Energy Security and Net Zero Secretary Ed Miliband raising safety concerns over staffing levels. The Insolvency Service stated the Official Receiver’s first priority is the site’s safety and there was “no truth” in claims the refinery was unsafe.
Swiss investor interest in refinery
Mr Amram has reaffirmed his readiness to make a formal offer to secure the future of the refinery, safeguarding the 420 or so full-time jobs at the site and 205 contractors, while also protecting £250m in unpaid taxes to the HMRC by Prax Group and more than £1bn potential overall liability to taxpayers. The investor has appointed his representative, James Ascott, to lead due diligence and obtain the critical financial and operational data necessary to prepare a full proposal.
“I am fully prepared to present a strong, credible proposal that secures the refinery, protects thousands of jobs, and safeguards taxpayer interests,” said Mr Amram. “An open, transparent, and competitive process is essential to ensure the best outcome for all stakeholders.
“We are willing to put forward a serious offer to save the refinery and keep the business running. “
Each bid is ‘being considered with care’
“Every facet of the sales process for Prax Lindsey Oil Refinery is being carried out fairly and appropriately, with each bidder following the same process to acquire access to the same information,” said an Insolvency Service spokesperson. “Any suggestion to the contrary is completely wrong.”
“The Official Receiver is in ongoing discussions with a number of parties to progress bids with the objective of achieving a sale of the business,” the spokesperson reiterated. “The Official Receiver remains committed to exploring the best possible outcome.
“To do so, each bid is being considered with care, due diligence and on an equal footing.” Lindsey Oil Refinery is one of five remaining oil refineries in the UK, after Grangemouth’s closure earlier this year. FTI Consulting declined to comment.