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    Home > Finance > UK's Prax Group files for insolvency, Sky News reports
    Finance

    UK's Prax Group files for insolvency, Sky News reports

    Published by Global Banking & Finance Review®

    Posted on June 30, 2025

    1 min read

    Last updated: January 23, 2026

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    Tags:oil and gasfinancial crisisjob creation

    Quick Summary

    Prax Group files for insolvency due to losses at Lindsey refinery, risking jobs. FTI Consulting appointed as special manager.

    UK's Prax Group files for insolvency, Sky News reports

    (Reuters) -British energy firm Prax Group has filed for insolvency amid mounting losses at its Lindsey oil refinery, Sky News reported on Monday, citing oil industry sources.

    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 37.5% stake in the PCK Schwedt oil refinery in December 2023.

    (Reporting by Yamini Kalia and Unnamalai L in Bengaluru; Editing by Shailesh Kuber)

    Key Takeaways

    • •Prax Group files for insolvency amid losses.
    • •Lindsey refinery jobs are at risk.
    • •FTI Consulting appointed as special manager.
    • •Teneo hired as administrator for Prax Group.
    • •Prax Group recently acquired Shell's stake in Schwedt refinery.

    Frequently Asked Questions about UK's Prax Group files for insolvency, Sky News reports

    1What has happened to Prax Group?

    Prax Group has filed for insolvency due to mounting losses at its Lindsey oil refinery.

    2Who is managing the administration of Prax Group?

    FTI Consulting has been appointed as the special manager for the Lindsey facility, while Teneo is the administrator for the rest of the group.

    3What risks does the insolvency pose?

    The insolvency puts hundreds of jobs at risk at the struggling Lindsey refinery.

    4What recent acquisition did Prax Group make?

    In December 2023, Prax agreed to buy Shell's 37.5% stake in the PCK Schwedt oil refinery.

    5Who are the founders of Prax Group?

    Prax Group is owned by its founders, CEO Sanjeev Kumar Soosaipillai and executive board member Arani Kumar Soosaipillai.

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