Dozens of job losses expected as 263-year old manufacturer collapses
Sheffield-based Thessco Ltd, a manufacturer of brazing alloys and contact materials since 1760, has ceased to trade with the expected loss of all 47 jobs.
The company was placed into administration today – 26 October – with Joanne Hammond and Kris Wigfield of Begbies Traynor appointed as joint administrators.
One of the world’s largest manufacturers of silver brazing alloys, metal joining products and industrial silver alloys, Thessco has its head office and production site in Royds Mills, Attercliffe.
In a statement, the company’s directors said: “It is with heavy hearts that we have been forced to make the decision to close Thessco Ltd in Sheffield, following a year of turbulent market forces.
“Spiralling energy prices, increased raw material costs and the significant rise in finance costs have all had a huge impact on the business.
“We would personally like to thank all our staff for their hard work and dedication, and all our customers and suppliers for their loyalty.”
Hammond added: “It is very sad to see the demise of such a historic Sheffield business, but, unfortunately, market conditions make it unviable for it to continue.
“As well as supporting employees, we will be seeking the best return for creditors and anyone interested in purchasing plant or machinery should contact us.”
The Attercliffe site has been occupied by Thessco, which was originally The Sheffield Smelting Company, since 1788.
In recent years, it has developed to include the tenanted Solpro Business Park, which will continue to operate as part of Solpro Manufacturing Ltd.
In its full accounts made up to 31 December 2021, Thessco reported turnover of £31.7m, a pre-tax profit of £141,601 and an average staff headcount for the year of 61.
Last year, company director James Tear told local media that “drastic” action might be needed to protect the business after the cost of electricity trebled and gas quadrupled.
Thessco also has sales offices and warehousing in Paris to serve European customers. Thessco SAS in France will continue to serve all its traditional precious metal markets both within the EU and the UK.
For further information about the administration, contact Begbies Traynor at Sheffield.North@btguk.com