Swiss investor Marc Acram has publicly declared his interest in purchasing Lindsey Oil Refinery, reiterating his readiness to put forward a formal bid for the refinery.
He also alleges that special managers from FTI Consulting, who are managing the refinery on behalf of the Official Receiver, have failed to provide access to crucial information despite numerous requests. As a result, Mr Amram has cast doubt on the integrity of the bidding process.
However, a spokesperson for the Insolvency Service has insisted that every aspect of the sales process is being conducted fairly and all bidders are following the same procedure for information access. The refinery, located near North Killingholme, is currently undergoing a wind-down process. Concurrently, the Official Receiver is considering a variety of bids related to the site.
Last week, Unite's general secretary penned a letter to Energy Security and Net Zero Secretary Ed Miliband, expressing concerns about safety due to staffing levels. The Insolvency Service responded by asserting that the Official Receiver's top priority is the safety of the site and dismissed claims that the refinery was unsafe as "no truth", reports .
Mr Amram has reiterated his willingness to submit a formal bid to secure the future of the refinery, thereby preserving approximately 420 full-time jobs at the site and 205 contractors, as well as safeguarding £250m in unpaid taxes owed to HMRC by Prax Group and over £1bn potential overall liability to taxpayers. His representative, James Ascott, has been appointed to lead due diligence and gather the crucial financial and operational data required to prepare a comprehensive proposal.
"I am fully prepared to present a strong, credible proposal that secures the refinery, protects thousands of jobs, and safeguards taxpayer interests," Mr Amram stated. He emphasised the importance of an open, transparent, and competitive process 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."
An Insolvency Service spokesperson said: "Every aspect of the sales process for Prax Lindsey Oil Refinery is being conducted fairly and appropriately, with each bidder following the same process to gain access to the same information. 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 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 º£½ÇÊÓƵ, following the closure of Grangemouth earlier this year. FTI Consulting declined to comment.
