INEOS officially suspend work at site

Manchester United’s season has already given supporters plenty to worry about.

United have endured plenty of scrutiny since INEOS took control of football operations.

Ratcliffe’s plans for United have also extended far beyond the first team, with the billionaire overseeing a major rebuild of the club’s football structure and plans for a new £2 billion stadium.

While the focus is usually on what happens at Old Trafford, INEOS remains a huge global business with interests stretching well beyond football.

That wider business empire has now been hit by another major problem, with rising energy costs putting significant pressure on one of the company’s key UK operations.

INEOS officially suspend work at site

INEOS has announced on their website that it is closing down three chemical plants in Hull after soaring gas prices made it impossible for the facilities to compete with producers in the United States and China.

The three plants are Europe’s last remaining world-scale acetyls facilities and produce chemicals used in products ranging from medicines and clothing to cosmetics, detergents and construction materials.

The decision affects nearly 4,000 jobs across the wider Humberside economy, although the number directly employed at the plants is considerably smaller and INEOS has not announced immediate redundancies.

Ratcliffe said the company had been left with little choice because UK gas prices are currently around 12 times higher than in the United States and eight times higher than in China.

“I’m sure people will find it hard to believe that we are being forced to mothball some of the most efficient plants in Europe but with gas prices now 12 times the level in the US and 8 times that of China, we just cannot compete,” Ratcliffe said.

He added that the high energy costs were “destroying our manufacturing base” and the jobs of workers in Humberside, while arguing that importing replacement products could actually increase environmental damage.

Ratcliffe claimed products coming from the United States could carry double the carbon emissions, while those from China could produce eight times the emissions compared with the facilities in Hull.

The decision is another major issue for the INEOS chairman away from Manchester United, where his ownership has already attracted significant scrutiny from supporters.

INEOS took a 25% stake in United in 2024 and was given responsibility for managing the club’s football operations, including the men’s and women’s teams and academy.

Ratcliffe’s wider business interests have also continued to expand, including INEOS Automotive’s push to secure a major Ministry of Defence contract for a new Light Mobility Vehicle based on the Grenadier.

The Team Grenadier consortium has since been strengthened by the addition of Hobson Industries and TVS Supply Chain Solutions as it prepares its bid for the programme, which is estimated to be worth around £2 billion.

INEOS has also maintained its involvement in professional cycling through the Netcompany-INEOS team, although British rider Ben Turner is set to leave for Soudal Quick-Step on a three-year deal from 2027.

The immediate focus will remain on United, but with three major UK chemical plants now mothballed, another part of Ratcliffe’s vast business empire is facing a significant challenge.