Rescue deal for North West engineering firm saves all 160 jobs

All 160 jobs at Workington-based TSP Engineering have been saved after administrator, Leonard Curtis, managed the successful sale of the business.

The heavy engineering firm 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 under way and planned can continue to be delivered without any delays.

A spokesperson for TSP Engineering 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.”

They added: “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.”