Three partners behind Scunthorpe's British Steel each paid £1 million last year

By Scunthorpe Telegraph | Posted: 14 Dec 2017

Three of the four partners in Greybull Capital LLP, the owners of the Scunthorpe-based British Steel company, were each paid £1 million during the year ending March 31, according to the firm’s annual report.

The financial statement reveals British Steel was charged quarterly management fees by the Meyohas brothers Marc and Nathaniel and their partner Richard Perlhagen, who are all directors of the company.

The fees paid to Greybull in the year amounted to £3 million.

Read more: Three firms banned from giving advice to British Steel workers ahead of pension scheme deadline

In another disclosure the financial report states during the year British Steel entered into four separate exchange transactions with Monarch Airlines, another Greybull company.

British Steel sold a total amount of £28.5 million Euros to Monarch Airlines and received £22 million in return.

The annual report also reveals the Scunthorpe firm is a wholly-owned subsidiary of British Steel Holdings Limited.

READ MORE: British Steel on the lookout for 50 new steelworks apprentices

The group’s ultimate parent company is Olympus Steel 2 Limited, based in Jersey.

The accounts of Olympus are neither consolidated nor publicly available.

Since May 31 last year 11 directors have held office with British Steel, but four have since resigned.

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