The sale of Scunthorpe's Tata steelworks has been confirmed, safeguarding thousands of jobs. The Indian conglomerate announced the signing of an agreement to sell its Long Products Europe business, including its plant in Scunthorpe , to investment firm Greybull Capital. The sale covers several UK-based assets including the Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a mill in northern France. The deal will be completed once a number of outstanding conditions have been resolved, including transfer of contracts, certain Government approvals and the satisfactory completion of financing arrangements. READ MORE: Steel tycoon Sanjeev Gupta says 'the next few weeks' will be key as Tata launches Port Talbot sale The Long Products Europe business employs 4,800 people - 4,400 in the UK and 400 in France. Bimlendra Jha, executive chairman of the Long Products Europe business, said: "Today marks a significant milestone in the sale of the Long Products Europe business.

This sale is the best possible outcome for employees who have worked relentlessly to ensure the business's survival, and helped to make it attractive to a potential buyer." Hans Fischer, chief executive of Tata Steel's European operations, said: "Under these current challenging market conditions in Europe with the soaring levels of imports from China, we are happy that Tata Steel UK and Greybull Capital have entered the final stage of completion of the sale of shareholding in Longs Steel UK. READ MORE: The managers of Tata's UK plants are now serious rivals to save Port Talbot's steelworks "This transaction will offer a future for the Long Products Europe business and its 4,400 employees in the UK." Union members at Scunthorpe are currently being balloted on whether to accept a 3% cut in pay and reductions in pension contributions for a year to smooth the path for the deal, with the result due next week. Dave Hulse, national officer of the GMB union, said: "These have been really difficult times for GMB members over many months of uncertainty. "

GMB welcomes the announcement that Greybull Capital has reached an agreement with Tata Steel that safeguards our members' jobs, especially given the recent announcement that Tata will sell its entire UK operation. handyman in kingston onREAD MORE: Shutting down blast furnaces could leave Port Talbot steel works more vulnerable to high energy costs, says report "The trade unions have been in negotiations over a long period of time, looking at temporary agreements to make sure that the first 12 months of the sale are successful. "business for sale timaruOur members must be congratulated for their pure determination in campaigning over the last two years. business for sale joplin mo

Their efforts were a major factor in the success of the sale." Roy Rickhuss, general secretary of the Community union, said: "We welcome this major step forward towards a deal which will continue steel making in Scunthorpe and secure the future of the Long Products business across the UK. "toowoomba handyman serviceGreybull's interest in the business is testament to the skills, experience and commitment of UK steelworkers and demonstrates that with the right investors UK steel making can have a positive future. business for sale hsh"So far, Tata Steel has honoured its commitment to be a responsible seller of the business by allowing time for the deal to be done. "business for sale hopkinsville kyThere are still crucial steps to be taken to complete the deal and all parties involved need to retain their focus towards achieving the objective of securing the future of Long Products."

Greybull said the business will be renamed British Steel. The deal is expected to complete within eight weeks. Greybull said that, as part of the deal, it is arranging a £400 million investment and financing package for the new business. The financing, provided mainly by a combination of banks and shareholders, will be available to fund working capital and future investments. The existing management team will stay and run the business, implementing the plan they have drawn up to return the company to profitability. Greybull partner Marc Meyohas said: "We are delighted to have reached agreement for the acquisition of LPE, which we believe can become a strong business, with a highly skilled workforce and great potential. "I would personally like to thank Tata Steel, the trade unions and the British and French Governments for their support, which was essential in ensuring the agreement. We are now focused on taking the deal to completion in order that the business can start its next chapter with confidence."

Business Secretary Sajid Javid said: "Today's announcement is a step in the right direction for the long-term future of British steel manufacturing in Scunthorpe. "This agreement wouldn't have been reached without the efforts of all those involved especially the high-skilled workforce and local management. We will continue to work with Tata and Greybull and, as we have said, stand ready to provide funding on a commercial basis if required. "The UK and Welsh Governments are working tirelessly to support Tata Steel to reach a deal for Port Talbot and their other sites across the UK. This agreement sends positive signals to any potential investor for the rest of Tata's UK business."Commercial property expertise in the Yorkshire and Humber region PPH Commercial are a multi-disciplined firm of Chartered Surveyors operating throughout the Yorkshire and Humber region, from offices in Hull, Doncaster, Scunthorpe and Grimsby. The firm act for a diverse client base across all sectors of the commercial property market.

PPH Commercial has won the Estates Gazette EGI Deals Done competition with the highest number of transactions completed in the calendar year, for the Yorkshire and Humber region, every year since 2005. EXCLUSIVE INTERVIEW WITH THERESA MAY: HUMBER TO PLAY KEY ROLE IN PM’S PLAN TO BOOST THE ECONOMY BREXIT – COMMERCIAL PROPERTY MARKET IMPACT? HULL BEST PLACE IN BRITAIN, REVEALS US AMBASSADOR MATTHEW BARZUN NEW PPH DIGEST ONLINE NOW INVESTMENT DEMONSTRATES HULL’S ATTRACTION ON GLOBAL PROPERTY MARKET SELBY BUSINESS PARK BOUGHT BY FAMILY INVOLVED IN ITS CREATION LETTING AT UNIT 36 STONEFERRY PARK NEW LETTING AT HONITON TO MKM BUILDING SUPPLIES STRATEGIC DEVELOPMENT SITE OFFERED TO THE MARKET BEVERLEY’S FIRST GRADE A OFFICES OFFER BEST LOCATION AND VIEWS IN TOWN UNIT 4A BERGEN WAY, SUTTON FIELDS, HULL SALE OF NATIONAL AVENUE INDUSTRIAL ESTATE, HULL ECO CUSTOM HOMES ARRIVE AT DRIFFIELD BUSINESS PARK DUTCH IMPORTS TAKES 135,000 SQ FT OF WAREHOUSING SPACE AT HUMBER ENTERPRISE PARK, BROUGH