Image: Parliament TV Image: Parliament TV

The director of Tata Steel in the UK, Stuart Wilkie, is quitting his post in order to fully focus on leading a management buyout of the company.

The management buyout is one of several options open to Tata, which is selling its UK business. Mr Wilkie is expected to meet staff at the Port Talbot steelworks on Monday in order to discuss the buyout.

Former director Jon Ferryman is likely to step in to takeover the role in the interim.

The idea of a management buyout has already been rejected by Tata, before it announced that the business would be put up for sale. But last week the idea was given a boost when Welsh billionaire Sir Terry Matthews said he could put his own money in the pot to help fund the management buyout.

Roger Maggs, a key figure in mining giant Rio Tinto, who was recently appointed chair of the Port Talbot Waterfront Enterprise Zone, also joined the consortium with Sir Terry Matthews. Although the management buyout proposal had previously been rejected by Tata, he said it was "viable".