York-based TSP Projects, a subsidiary of British Steel, has been sold to the French company Systra Ltd preserving 400 jobs. The proceeds of the sale are likely to be allocated to lenders to British Steel, which collapsed into liquidation in May. The announcement was made by the official receiver, who has been managing British Steel since its collapse in May.
Craig Scott, the chief executive of TSP Projects 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." Systra's chief executive, Pascal Mercier 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.”
Unlike the steelmaker, TSP Projects is solvent. The sale has no impact on the ongoing process of selling the remainder of British Steel to an affiliate of Turkey’s military pension fund Oyak, the official receiver said. Ataer Holdings, Oyak’s investment arm, has been picked as the preferred buyer for British Steel and it plans to complete the purchase by the end of the year, pending due diligence checks. Oyak has been less complimentary about the rest of British Steel.
TSP Projects works in the rail, renewable energy, security and aviation sectors and its clients include the Metropolitan Police, Network Rail and First Great Western. Systra Ltd is a transport consulting and engineering firm. It has worked on projects ranging from London’s congestion charge and Crossrail to schemes that facilitate walking and cycling. British Steel employs around 5,000 people, most of them in the UK. More than 3,000 work at the Scunthorpe plant.