The business and assets of TSP Engineering have been sold by British Steels official receiver who held the shares of TSP Engineering to Jingye Engineering Ltd, which has now been renamed to TSP Engineering. On the 9th March 2020, representatives from Jingye came to visit the TSP Engineering site to meet the team and discuss the completion of Jingye’s purchase of British Steel’s UK and Netherlands businesses, including TSP Engineering.
During the visit, Jingye advised employees of both theirs and TSP Engineering’s importance, and how both will be involved in future plans. The entire transaction will unlock £1.2bn in investment over the next ten years to put British Steel Group on a competitive and sustainable footing.
In the last few years TSP Engineering has been sold on a number of times, this is the first time in which the new owners have visited the site to inform the team of their plans.
Mr Wang, the Vice Chairman of the Jingye group said,
“I’m a huge admirer of the work you do here. We have spent the past several months looking closely at all British Steel’s operations, including TSP Engineering, and have been struck by the professionalism and dedication of the people here.
“The work of your immensely skilled engineers, and everyone else that supports them, adds huge value to the economy and it’s a privilege for me to be able to see it close up.”
After talking about how the teams employment will remain completely unchanged, including the current leadership team, led by John Coughlan, remaining in place, Mr Wang went on to say,
“The Jingye Group leadership team has full confidence in their stewardship of the business and intends to give them the space they need to continue to be successful. The only change in leadership is the addition of one new board member, Mr Wei Zhang”
There will be no adverse effect from this sale on our suppliers, creditors, employees and customers. TSP Engineering will continue to operate as an independent and separate business. This is a really exciting time for us, and we expect to be an even stronger entity moving forward.
Should anybody wish to discuss any aspect of the sale please don’t hesitate to contact us further.