British Steel’s official receiver announced that TSP Projects, a wholly owned subsidiary of British Steel, which entered compulsory liquidation May 22, has been sold to rail transport engineering and consultancy firm SYSTRA Ltd. Based in York UK TSPP provides consultancy, design, engineering and on-site project management services. The sale of TSPP’s shares to SYSTRA Ltd, the UK subsidiary of France-based SYSTRA Group, will expand SYSTRA’s footprint in the UK and preserve over 400 jobs at TSPP. The receiver said “This transaction is a solvent sale and TSPP is not in any insolvency proceedings and remains liable to continue to support its pension scheme.”
The receiver added “This sale has no impact on the proposed sale of the remaining British Steel group and exclusive talks with the preferred buyer, Turkey’s Ataer Holdings AS, are continuing.”
SYSTRA Group is an international mass transit, mobility and infrastructure company, with national and international experience in high speed rail, heavy rail, metro, light rail transit and transport consultancy. TSPP’s extensive experience in the UK heavy rail sector creates an opportunity for SYSTRA to become the UK leader in transportation solutions across all aspects of rail engineering, complex infrastructure and transport planning, according to the website. TSPP’s expertise in civil engineering, electrification and track will expand and complement SYSTRA’s UK rail engineering services, and double SYSTRA’s UK presence, it said. Furthermore, the move sees SYSTRA commit to support TSPP’s other business sectors: energy from waste, security and construction, according to the TSPP website.
TSPP said it is active on a number of large rail projects including Leeds Railway Station roof and concourse transformation, Gatwick Station, Transpennine Route Upgrade and the East Coast Power Supply Upgrade. The company is also involved in projects involving design of energy from waste projects across the UK including Leeds RERF, Suffolk, Avonmouth and Parc Adfer
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