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HUNDREDS of British Steel jobs have been saved after a French firm snapped up a subsidiary of the embattled UK business.
TSP Projects has been sold to France’s transport and engineering firm Systra by the Official Receiver in a move that will save around 400 jobs.
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Based in York, TSP provides consultancy, design, engineering and on-site project management service.
Craig Scott, TSP’s boss, said: “Systra ownership will bring with it all the benefits of a global engineering business, including access to high-calibre technical expertise to complement and enhance TSP Projects.”
Pascal Mercier, Systra’s chief executive, added: “This acquisition is a game changer for our UK and Ireland business, placing us among the leading UK consulting engineering firms.
“This is a good fit between two like-minded companies with a shared commitment to excellence, safety and innovation.”
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The announcement was made on Friday by the Official Receiver, who has been managing British Steel since its collapse in May.
It added that the deal would not affect separate plans to sell the rest of British Steel.
British Steel went into liquidation after Greybull Capital, which bought the stricken firm for £1 in 2016, failed to secure funding to continue its operations.
It looks set to be salvaged as the Government provided a support package worth up to £300million to a Turkish bidder earlier this month.
Ataer Holding — which has links to a Turkish steelmaker — is currently thought to be the frontrunner to save the Scunthorpe steelworks.
The Government funding would allow the official receiver to grant Ataer a period of exclusive talks on buying the UK’s second-largest steel producer, which employs 4,000.
The package on offer includes grants, possible indemnities, loans on commercial terms and other items. Ataer — a subsidiary of Oyak, Turkey’s military pension fund — is understood to have submitted a formal and final offer for the whole of British Steel worth up to £70million.
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