UK's Prax Group files for insolvency, Sky News reports
Prax Group's parent company, State Oil Ltd, was forced to call in administrators, putting hundreds of jobs at its struggling Lindsey refinery at risk, the report added.
Reuters could not immediately verify the report.
An officer of the UK court appointed FTI Consulting to act as special manager for the Lindsey facility, with Teneo hired as administrator for the rest of the group, a source told Sky News.
Prax Group, FTI Consulting and Teneo did not immediately respond to a Reuters request for comment.
Prax owns and operates various assets and businesses across the oil and energy sector and is owned by its founders - CEO Sanjeev Kumar Soosaipillai and executive board member Arani Kumar Soosaipillai - and their family trusts.
It agreed to buy Shell's (SHEL.L), opens new tab 37.5% stake in the PCK Schwedt oil refinery in December 2023.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
28 minutes ago
- The Sun
Iconic car brand to ‘cut 400 jobs' despite saying it has ‘no plans' to end production in UK
AN iconic sports car manufacturer is reportedly considering axing 400 jobs after saying it had no plans to end production in the UK. The factory set to lose 30 per cent of its work force in Norfolk has been open since the 1960s. 4 4 Lotus has reportedly become the latest car manufacturer to look at slashing its UK workforce. The move comes after the brand held emergency talks and fellow motor manufacturer Nissan said it would be slashing 250 jobs from one of its UK sites. A report in the Daily Mail claims that the sports car specialist is considering cutting 30 per cent of jobs at its plant in Hethel, Norfolk. Of the 1,300 staff at the site up to 390 could now be facing down the prospect of losing their job. A decision on the job losses is expected from the brand in the next few months. Recent reports that the brand was considering closing its factory in Hethel and moving production to the US were denied by the firm. Majority owned by Chinese carmaker Geely, Lotus adamantly rejected the claims, saying in a statement: "The UK is the heart of the Lotus brand—home to our sports car manufacturing, global design centre, motorsport operations, and Lotus Engineering. "It is also our largest commercial market in Europe. "Lotus Cars is continuing normal operations, and there are no plans to close the factory. "We are actively exploring strategic options to enhance efficiency and ensure global competitiveness in the evolving market. The modern classic Lotus Elise "We have invested significantly in R&D and operations in the UK, over the past six years. " Lotus remains committed to the UK, and its customers, employees, dealers, suppliers, as well as its proud British heritage." The reports of imminent closure however sparked intervention by the government with company executives meeting business secretary Jonathan Reynolds. The meeting on Sunday, June29, reportedly saw the group discuss possible support measures. 4 4 Fears were raised that the brand would fall victim to Donald Trump's import tariffs. These were reportedly not addressed by the news that the tariffs would be reduced from 27.5 per cent to 10 per cent. Despite the emergency meeting, the offer of government support and the reduction in tariffs, the brand is still said to be set to cut a huge number of jobs. The Sun has approached Lotus for comment.
Reuters
28 minutes ago
- Reuters
UK firms trim year-ahead wage growth expectations, BoE survey shows
LONDON, July 3 (Reuters) - British businesses have trimmed their expectations for wage growth over the coming year, a Bank of England survey conducted in June showed on Thursday. Firms expected wage growth of 3.6%, down 0.1 percentage points on a three-month moving-average basis, according to the survey. It added that in June, 29% of British businesses expected sales to be lower in the year ahead due to U.S. trade policy changes, while 24% of firms expected that their capital expenditures would be lower.
The Sun
32 minutes ago
- The Sun
Massive UK train station reveals plans to double passengers in £300million masterplan – including new routes to Europe
LONDON St Pancras station is set to double its capacity to 2,700 passengers per hour with a £300million investment. Today, London St Pancras Highspeed and Eurostar have signed a letter of intent to work together to create more room and routes for travellers at the major station. 4 4 The aim of the combined project is for St Pancras International to become one of Europe's busiest international rail hubs and support the demand for travel international travel. London St Pancras Highspeed and Eurostar have agreed to collaborate through three phases. And in April 2025, St. Pancras Highspeed unveiled plans in to invest £300million in infrastructure renewal over the next five years from April 2025 to March 2030, according to New Civil Engineer. The first will review short term improvements within the current station layout. This includes optimising the security and border crossing processes to deliver an uplift of 2,700 passengers per hour in the next three to four years. Phase two will see the improvement of the international area and its connection to the main concourse. This is expected to be complete by 2028. The final phase will take place in the 2030s, which is set to further enhance capacity. This might mean the change of the station layout with arrivals potentially being relocated upstairs. The architectural firm, Hawkins\Brown, has been appointed to deliver a design for the expansion. Huge new train station to open in world's most popular city 4 The architecture team have been tasked with creating a new ground floor layout for the international zone to more than double the station's current capacity. Hawkins\Brown has said that a change in the station's design is necessary, but it will be achieved through remodelling rather than major structural changes. Richard Thorp, Chief Operating Officer at London St Pancras Highspeed, commented: 'We're delighted to be working with Eurostar to expand capacity at St. Pancras International." He continued to add: "With growing passenger demand for international train travel, it is important that St. Pancras International station is future-proofed and optimised to accommodate this. 'With a shared ambition and collaborative approach, we can ensure our iconic station is ready to support this demand, and we're looking forward to getting started on a new era of connectivity between London and Europe.' Simon Lejeune, Chief Safety and Stations Officer at Eurostar, said that Eurostar already welcomes 45,000 customers a day. He added that Eurostar hopes to expand its fleet from early 2030s and increase services to France, Belgium, the Netherlands. Earlier this year, Eurostar also expressed its want to expand routes to Germany and Switzerland which will also form part of the project. Here's more about Eurostar's plan to launch direct trains to two European countries with huge £1.7billion new fleet.
