INEOS officially announce £150 million investment from government

It has been an eventful time for INEOS since they announced their stake into Manchester United.

Since December 2023, they have overseen two managers in Erik ten Hag and current boss Ruben Amorim.

They have also seen the club reach back-to-back finals, winning one and losing one.

A 2-1 win at Wembley Stadium against Manchester City in the 2024 FA Cup final was followed up by a 1-0 defeat to Tottenham Hostspur in the Europa League final.

Pressure has grown on INEOS to make a change at the managerial position after a difficult year on the pitch for United, with a 15th place finish in May their lowest of the Premier League era.

Whilst there have been plenty of issues off the pitch for United, including just two wins in their last seven games, there are plenty of positives off the field for INEOS.

On their official website, INEOS have confirmed a £150 million investment into their Grangemouth site.

The Grangemouth site in Scotland is seen as one of the UK’s most important industrial assets and a critical hub for the nation’s manufacturing and energy sectors.

The investment is set to lead to a construction site that is being billed as securing the future of British industry.

This has been aided by the British government, who have given INEOS a £75 million Government loan guarantee and £50 million m grant.

INEOS have stated that this deal maintains the operation of Grangemouth as a critical and strategic supplier to UK industry and it is said to protect more than 500 high-value jobs.

Chairman and Chief executive officer Sir Jim Ratcliffe spoke on the deal. He said: “The £150m investment in the future of a major UK industrial site demonstrates INEOS’ commitment to British manufacturing.

”The support of the UK Government is welcome. However, we need to continue to work together to deliver competitive and efficient low-carbon manufacturing for the UK, long term. The answer is not decarbonisation by deindustrialisation.

“Without a strong manufacturing base, the economy will continue to decline. High energy costs and punitive carbon charges are driving industry out of the UK at an alarming rate. If politicians want jobs, investment and energy security, then they must create a competitive environment.”

Facilitated by NatWest Group, the investment will upgrade key production units, improve energy efficiency, reduce emissions, and enhance the site’s competitiveness.

Whilst the news is a welcome on for the future of the working nation, United fans will be hoping for the good times to return on the pitch as they search for their first Premier League title since 2013.