Phillips 66 Limited has been named the successful bidder for the assets of Prax Lindsey Oil Refinery Limited and associated entities-Prax Storage Lindsey Limited, Prax Terminals Killingholme Limited, Prax Terminals Jarrow Limited and Prax Downstream UK Limited-in Lincolnshire, following an agreement reached on 5 January 2026 under the Official Receiver’s sales process.
These companies were pushed into compulsory liquidation in summer 2025: winding‑up orders were made on 30 June for Prax Lindsey Oil Refinery Limited, Prax Storage Lindsey Limited and Prax Terminals Killingholme Limited, with Prax Terminals Jarrow Limited following on 22 July. The court appointed the Official Receiver, Gareth Jonathan Allen, as liquidator.
Special managers from FTI Consulting LLP-Matthew Callaghan, Joanne Hewitt‑Schembri, Andrew Johnson and Samuel Ballinger-were appointed by the court to assist. During liquidation, the Insolvency Service has overseen both the winding‑up and the running of the refinery while a buyer was sought.
Completion of the sale to Phillips 66 will occur only after closing conditions are satisfied, including customary regulatory approvals. No consideration was disclosed in the Insolvency Service update, and all employees have been informed of the proposed transfer.
The Official Receiver says the deal represents the best possible outcome for creditors. That assertion now requires evidence: the headline price, any independent valuation benchmarks, and a clear account of costs incurred to keep the site operating under court control must be set out in forthcoming reports.
FTI’s special manager role on an operational refinery will come with significant professional fees and site costs. Creditors should expect an itemised breakdown of time costs, disbursements, and any trading gains or losses during the liquidation, plus clarity on any fuel inventory, offtake or hedging arrangements agreed while under the Official Receiver’s oversight.
For customers and suppliers, the Insolvency Service directs queries to PLOR.customers@fticonsulting.com and PLOR.suppliers@fticonsulting.com. Creditors and subcontractors must file a Proof of Debt to PLOR.Creditor@Insolvency.gov.uk to be included in future correspondence. If you have not registered, do so now.
The conduct of the companies’ former directors remains under active Insolvency Service investigation. Creditors will expect a thorough review of decision‑making before the June and July orders and of any transactions in the run‑up to insolvency.
Regulatory approvals are described as customary, which for a refinery sale typically involves competition scrutiny and the transfer or variation of safety and environmental permissions. No timetable has been provided; until approvals are granted, completion is not guaranteed.
There are practical questions that must be answered on the record: the number of bids received; whether any connected‑party or insider interest was considered; how the marketing was run and for how long; what adjustments were made for environmental liabilities and decommissioning; and whether any break fees or exclusivity periods were agreed.
In compulsory liquidations of complex, safety‑critical assets, appointing special managers to preserve value is standard. What is not standard is announcing a buyer without disclosing even headline financials. Publishing the consideration and an estimated outcome statement would allow creditors to assess prospects with realism.
Inside Corporate Insolvency will scrutinise the sale documentation, fee schedules and progress reports as they are filed on GOV.UK and at Companies House. For now, the position is clear: Phillips 66 has been selected; regulatory approvals are pending; and distributions will turn on realisations net of costs once the sale completes.