A rescue deal for an under-threat Workington engineering firm has been agreed.
TSP Engineering, on Curwen Road, has been trading since 1945.
Chinese firm Jinge Steel bought it in 2020, but placed it into administration. It was then bought by family-owned GMET Engineering, based in Silecroft.
It traded under the name TSP Engineering and one of its directors was Robert Mawson.
The business faced tough market conditions over the past 18 months, leading to increased financial pressure and debt.
A petition to wind up the company was published on August 2.
This week, administrators Leonard Curtis said the plant’s 160 jobs had been saved after a sale to Workington Engineering.
Set up in 2019 and known as Red Squirrel Developments Ltd until this year, Companies House lists four directors of Workington Engineering – one of whom is Robert Mawson. Simon Mawson is also a director, along with John Hancock and William Roberts.
Leonard Curtis said: “The deal protects all 160 jobs and ensures that customer contracts underway and planned can continue to be delivered without any delays.”
A spokesman for TSP Engineering Limited said: “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.”
The firm offers services across sectors including defence, nuclear, oil and gas, renewables, steelmaking and construction.
