Management team appoints banker in Tata Steel UK purchase bid
The management team interested in buying Tata Steel's UK assets have appointed an investment banker as non-executive director.
Excalibur Steel UK Limited, the vehicle founded with a view to the acquisition of Tata's steel business via a management and employee buy-out, said Mark Rhydderch-Roberts' position will take effect immediately.
He has held senior positions with a number of global investment banks and financial institutions, including S.G. Warburg.
He said: "I am delighted to have this opportunity to support the development of a company that could potentially transform the prospects and ownership of British steel making.
"I believe that Excalibur's proposed model of management and employee participation can also potentially provide the foundations of a transformed and profitable business which should be attractive to a wide range of investors and stakeholders."
On the board he joins Stuart Wilkie, the head of Tata's UK strip steel business, former Alcan senior executive and venture capitalist Roger Maggs, Simon Gibson, chief executive officer of Wesley Clover, and company secretary Jon Fernandez Lewis.
Tata is selling its UK assets, including the country's biggest steel plant at Port Talbot in south Wales, after suffering huge losses put at over £1 million a day.
Business Secretary Sajid Javid told MPs on Thursday the Government was doing all it could to save the business.