The Rise and Fall of Prax Group: A UK Energy Sector Cautionary Tale
From humble beginnings to insolvency - the dramatic collapse of Prax Group and its critical Lindsey oil refinery. What went wrong?
In this episode of UK Business Morning, host Alice sits down with Lewis to unravel the story of Prax Group's rapid rise and sudden collapse. Once hailed as a rising star in the energy sector, the $10bn company now faces insolvency with 400 jobs at risk at its key asset, the Lindsey oil refinery. We explore how the Soosaypilla family built their empire from a single petrol station, the risks of the Lindsey refinery acquisition, internal financial struggles, controversial dividend payments, and the complex ownership structure. With the UK government investigating and 10% of the nation's fuel supply at stake, we examine the broader economic implications and potential outcomes for the refinery's future.
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