Toshiba Set to Liquidate UK Nuclear Arm NuGen

Toshiba is set to liquidate UK nuclear arm NuGen, according to people familiar with the company, dealing a hammer blow to plans to build a new plant at Moorside in Cumbria. The Japanese conglomerate, whose board is meeting on Thursday, is almost certain to take the decision to wind up NuGen after all avenues to sell the unit were exhausted, the Financial Times reported. “It is 80 per cent likely that Toshiba will decide at the board meeting to wind it up,” a source close to NuGen told the Financial Times. “There were a number of options being explored [to sell NuGen], none of which have come to fruition or could now come to fruition,” the source added. The decision to liquidate NuGen is likely to be confirmed in the early hours of the morning, UK time, once the Toshiba board has met, the person said, though he cautioned that the conglomerate might delay the decision to a later date. A spokesperson for Toshiba in the UK was not immediately able to respond to a request for comment. Read more