Administrators lay off 440 workers at collapsed lender Greensill: Guardian

(Reuters) – More than a week after British financing company Greensill Capital collapsed into administration, 440 workers have been laid off in London and Cheshire, Guardian newspaper reported https://bit.ly/3c6Uqs9 on Friday.

Grant Thornton administrators, which took over the company’s operations last week and are on the lookout for a buyer for the Greensill business, cut the jobs, the report said. Greensill employed around 1,000 people in the UK.

Administrators at Grant Thornton and Greensill did not immediately respond to Reuters requests for comments.

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

“Whilst the joint administrators are in continued discussion with interested parties in relation to the purchase of certain Greensill Capital assets, regrettably the joint administrators of Greensill Capital Management Company Limited have had to make [circa] 440 redundancies from the UK workforce,” a spokesman for Grant Thornton told Guardian.

The administrators also said that 34 creditors of Greensill Capital Pty, the Australian parent of the British company, submitted over A$1.75 billion ($1.35 billion) in claims to the company.

The Financial Times on Thursday reported that former UK Prime Minister David Cameron lobbied the government to increase Greensill’s access to loan schemes, months before it collapsed.

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