Hundreds of jobs saved as the French snap up a slice of collapsed British Steel
- TSP Projects, a subsidiary of the steel producer will be bought by Systra
- Deal will save around 400 jobs, most of which are based at TSP’s York base
Part of collapsed British Steel has been sold to the French in a move that will save hundreds of jobs.
TSP Projects, a subsidiary of the steel producer that works on engineering projects, will be bought by Paris-based Systra.
The deal will save around 400 jobs, most of which are based at TSP’s York headquarters.
Part of collapsed British Steel has been sold to the French in a move that will save hundreds of jobs
Craig Scott, TSP’s boss, said: ‘Systra ownership will bring with it all the benefits of a global engineering business, including access to high-calibre technical expertise to complement and enhance TSP Projects.’
Systra is controlled by France’s state-owned rail firms and a consortium of banks. Pascal Mercier, chief executive, said yesterday: ‘This acquisition is a game changer for our UK and Ireland business, placing us among the leading UK consulting engineering firms.’
The deal was announced by the Official Receiver, which said it would not affect separate plans to sell the rest of British Steel.
Talks about that proposal are continuing with Turkey’s Ataer Holdings, the preferred buyer.
British Steel collapsed in May after Greybull Capital, which bought the firm for one pound from Tata Steel three years ago, failed to secure funding to continue its operations.
The Government agreed to continue to prop the firm up while rescue talks took place.