Jobs saved in Tanfield Engineering sale

Teesside’s Tinsley Special Products have bought Tanfield Engineering Systems Ltd in a deal that has retained 68 jobs.

The deal was struck in December after Tanfield Engineering Systems entered administration in November.

RMT Accountants helped to facilitate the deal.

A spokesperson for Tinsley Special Projects commented: “The synergies that lay within Tanfield Engineering Systems made it an excellent fit with our existing portfolio of operations, and this strategic acquisition has developed an even stronger overall client offering and indeed client base.

“The RMT team were very proactive in ensuring that the Tanfield business remained a viable going concern, and their support in reaching a successful conclusion to this process has been invaluable.”

Linda Farish, Head of Recovery & Insolvency at RMT, added: “Continuing to tradeTanfield Engineering Systems and fulfilling existing orders while we looked for potential buyers was absolutely essential in order to protect the Company’s debtor book and increase returns to creditors, and the staff have made a crucial contribution to ensuring we could achieve this goal.

“We had a lot of interest in taking on the business from a number of different parties, and conducted visits to Tanfield’s premises with several of them to help identify the most appropriate buyer.

“Tinsley Special Projects offered the best option for the transaction, and we’re very pleased that an agreement has been reached with them.

“Being able to retain more than two-thirds of the existing Tanfield Engineering Systems workforce is a terrific outcome to a very difficult situation, and we hope that the business is now able to move forward to renewed success in the New Year.”