400 jobs to be saved as Official Receiver agrees deal
A deal to save 400 jobs at a British Steel subsidiary in York is expected to be confirmed today.
French group Systra has been in talks for around three months to buy TSP Projects, an infrastructure design consultancy headquartered in York city centre. The deal will see Systra take on TSP’s £70m pension liabilities.
The Official Receiver has been working on a sale of British Steel since it collapsed in May. Earlier this month Turkish military pension fund Oyak entered exclusive talks for the steelmaker.
The sale of TSP Projects would be the first completed deal from British Steel, which employs more than 4,000 people and is the UK’s second-largest steel producer.
TSP used to be part of British Rail and now works across the transport, energy and environmental sectors. Its major projects include designing Leeds’ energy from waste plant at Cross Green and work on railway systems at Gatwick Airport.
TSP’s latest published accounts, for the year to March 2018, showed a pre-tax profit of £1.35m on revenues of £33.8m.
Systra has around 6,700 staff worldwide, with 400 already in the UK across 11 offices, including Leeds.
