Port Talbot management 'in steelworks takeover bid'

  • Business
Stuart Wilkie will announce his takeover plan tomorrow, it is believed Credit: PA

A potential buyout of the Port Talbot steelworks is to be led by one of its most senior staff.

Stuart Wilkie, Managing Director of Tata Strip Products UK, is heading up a buying team alongside other staff members, ITV News understands.

The bid still requires funding, while Mr Wilkie is looking for private investors as well as government support.

It is believed the potential bid involves Tata employees investing, although they are not thought to have been consulted about the idea and are said to be "nervous" about it.

Mr Wilkie's bid is said to based on the "turnaround plan" presented to and rejected by the Tata Board.

That plan will require a cash injection of around £100 million and would, in theory, see the works turning a £200 million in losses a year into a £100 millon over two years.

Mr Wilkie will formally announce his intentions on Wednesday, it is believed.