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160 jobs saved following sale of engineering company
The jobs of all 160 staff at TSP Engineering Limited have been saved after administrator Leonard Curtis managed the successful sale of the business.
The heavy engineering business on Curwen Road, Workington had been trading since 1945, offering services across many sectors including defence, nuclear, oil and gas, renewables, steelmaking and construction.
The business has faced tough market conditions over the past 18 months, leading to increased financial pressure and debt.
Administrators Iain Nairn and Sean Williams of Leonard Curtis successfully managed the sale of the business to Workington Engineering. The deal protects all 160 jobs and ensures that customer contracts underway and planned can continue to be delivered without any delays.
A spokesperson for TSP Engineering Limited said: “This is a great business that has been held back by historic lack of investment. As difficult as the last few weeks have been, we are now in a position to move forward on a positive footing.
“The support from Leonard Curtis has allowed us to protect value for creditors and ensure that we can keep our excellent team employed into the future. Having done that, we have raised capital to support the growth of the company over the coming years.
“We hope that further investment will be forthcoming from both public and private sources, allowing us to continue to play a significant role in the local area and take advantage of excellent opportunities in the market locally, nationally and internationally.”
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Leonard Curtis is a trading style of Reach Commercial Finance Limited, registered at Riverside House, Irwell Street, Manchester, M3 5EN. Company Register number is 09056450. Reach Commercial Finance Limited is authorised and regulated by the Financial Conduct Authority, FRN: 753686. Reach Commercial Finance Limited is an authorised credit broker and not a lender. We work with a an unrestricted number of lenders to find a potentially suitable arrangement for your consideration. ICO registration ZA069234 and you can check via www.ico.org.uk. We will receive commission from lenders. Different lenders pay different amounts depending on different commission models. For transparency we work with the following commission models: fixed fee, fixed rate of commission, percentage of the amount you borrow and rate for risk (this is based on the risk profile of the business). Further details of the commission model, calculation and amount will be disclosed to you throughout your customer journey. Privacy notice.
Leonard Curtis Legal Limited is a limited company, registered in England and Wales with registered number 09820186. Registered office: Riverside House, Irwell Street, Manchester M3 5EN. Leonard Curtis Legal Limited is registered with the Solicitors Regulation Authority with number 626004.