Trustees Lay off 440 Workers at Failed Lender Greensill: Guardian | The powerful 790 KFGO

(Reuters) – More than a week after British holding company Greensill Capital went into receivership, 440 workers were laid off in London and Cheshire, the Guardian newspaper https://bit.ly/3c6Uqs9 reported Friday.

Grant Thornton’s directors, who took over the company’s operations last week and are looking for a buyer for the Greensill business, have cut their jobs, the report said. Greensill employed around 1,000 people in the UK.

Grant Thornton and Greensill directors did not immediately respond to Reuters requests for comment.

On March 8, Greensill filed for insolvency after losing investor financing and insurance coverage for its supply chain financing business.

“While the joint directors are in constant discussion with interested parties in relation to the purchase of certain Greensill Capital assets, sadly the joint directors of Greensill Capital Management Company Limited have had to do [circa] 440 layoffs from the UK workforce, “a spokesman for Grant Thornton told The Guardian.

The directors also said that 34 creditors of Greensill Capital Pty, the British company’s Australian parent company, have filed complaints with the company for more than A $ 1.75 billion ($ 1.35 billion).

The Financial Times on Thursday reported that former British Prime Minister David Cameron lobbied the government to increase Greensill’s access to lending programs months before it collapsed.

(Reporting by Vishal Vivek in Bengaluru; editing by Shinjini Ganguli)

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Myra R.

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