Deal for British Steel subsidiary to save 400 jobs

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Friday 30 August 2019 at 10:37am

400 jobs have been preserved by the sale Credit: PA

A subsidiary of British Steel has been sold to French company SYSTRA Ltd who will preserve 400 jobs.

TSP Projects Ltd (TSPP), a wholly owned subsidiary of British Steel Ltd (In Compulsory Liquidation), Based in York provides consultancy, design, engineering and on-site project management services.

The sale of TSPP’s shares to SYSTRA Ltd will not bring any insolvency proceedings and remains liable to continue to support its pension scheme.

This sale has no impact on the proposed sale of the remaining British Steel group and exclusive talks with the preferred buyer, Ataer Holdings A.S., are continuing.