ALL 160 jobs at a major west Cumbrian engineering firm in Workington have been saved following the successful sale of the business to another engineering firm.

Staff roles at TSP Engineering Limited have been protected after administrator Leonard Curtis managed the sale of the business.

The heavy engineering business on Curwen Road has been trading since 1945, offering services across many sectors including defence, nuclear, oil and gas, renewables, steelmaking and construction.

The business has faced tough market conditions over the past 18 months, leading to increased financial pressure and debt.

In March 2022, Jingye Steel, a Chinese firm which had bought TSP in 2020, decided to place it into administration. The company was then 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 Times & Star first reported on the recent financial struggles of the business earlier this month, with the former acting managing director seeking to reassure staff at the time that there would be no prospect of job losses.

A petition to wind up TSP Engineering Ltd was first presented on August 2. However a rescue package has now allowed customer contracts to be delivered 'without delays'.

Administrators Iain Nairn and Sean Williams of Leonard Curtis managed the sale of the business to Workington Engineering.

The deal protects all 160 jobs and ensures that customer contracts underway and planned can continue to be delivered without any delays, the business said.

A spokesperson for TSP Engineering Limited said: “This is a great business that has been held back by historic lack of investment. 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."