A MAJOR West Cumbrian engineering firm has sought to reassure staff and stakeholders on the future of the business following some ‘financial difficulties’ in recent weeks.

TSP Engineering, based on Curwen Road in Workington, directly employs 170 workers in the engineering sector throughout the town and its surrounding areas.

The business leadership said it has in recent weeks suffered some financial difficulties after being held back by ‘historic liabilities’. However, according to the company’s acting managing director, these challenges have ‘no prospect’ of affecting the employment of the company's staff or the delivery of nationally important contracts.

In March 2022, Jingye Steel, a Chinese firm which had bought TSP in 2020, decided to place it into administration. The company was rescued by GMET Engineering, a local family-owned business based in Silecroft.

But TSP Engineering has experienced financial issues in recent years, stemming from a reported loss of staff through retirement, the Covid-19 pandemic, and 'historic issues from lack of investment by previous owners'.

The company said it is currently working on contracts that will ensure the future viability of the business and also believes that the new government has introduced industrial policies that will allow the business to prosper in the future.

TSP Engineering acting managing director William Roberts said: “I am glad of the opportunity to confirm that there is no prospect whatsoever of staff employed losing their jobs.

“TSP Engineering is a great business held back by historical liabilities.  The business retains tremendous skills, know how, and with some investment is poised to take advantage of the increasing defence, nuclear and clean energy markets, as well as making new equipment for low carbon steel. 

“TSP, like many in the UK engineering sector, faces significant financial challenges. The whole sector requires levelling up, and the new government has new policies for industrial growth, clean steel, energy security and clean energy from advanced nuclear technologies which will enable TSP to thrive and prosper.”

The owners of the business GMET Engineering say they have growth plans for TSP moving forward and look forward to the future of the business.

GMET is 100 per cent owned by a Cumbrian family.