
Despite ever more ominous news coming from one of its biggest financial partners, GFG Alliance head man Sanjeev Gupta promised this week that plant closures would not occur “under [his] watch.”
According to financial industry reporting on Thursday, the administrator handling Greensill Capital’s insolvency case has been unable to verify invoices showing loans to Gupta or GFG Alliance. Administrator Grant Thornton says he’s been told by firms listed as debtors to the insolvent company that they have never done business with the owner of Alvance Aluminium.
Gupta said earlier that day that creditors should not be hasty in losing faith with GFG, as his firm has received significant interest from other as-yet named financial partners ready to step in to Greensill’s place.
On Friday, the Lochaber Chamber of Commerce elaborated on the current state of its relationship with GFG Alliance, who operates the Fort William smelter there.
“The smelter, which was bought by GFG in 2016 and is part of its Alvance aluminium wing, as a ‘critical part’ of the local community, and the organisation would continue to engage with the company about any impact the ‘current challenges’ might have on its operations in the area.”
“The firm was currently enjoying one of the best markets in steel and aluminium and its recent efforts to make ‘efficiency gains’ were delivering good results,” said Gupta of the situation at Lochaber.
“So, as a result, we have a huge amount of interest from new financiers who are willing to back us. We launched a project linked to ‘cash measures’ plants are taking to optimise and conserve and be careful.”
“Our overall global operations are profitable, we have refinancing offers, we will refinance and we will support our UK business also,” Gupta concluded.
The Fort William aluminium smelter is the largest in the British Isles.