TSP Projects Limited (“TSP”) is a leading UK multi-discipline design consultancy with extensive engineering capabilities and specialist expertise in the transportation, construction, defence & security and energy & power sectors.
PPCF have acted as retained adviser to the Board of TSP since the sale by Tata Steel UK Limited of a group of businesses including TSP to British Steel Limited (“British Steel”). Following a period of significant trading and cashflow issues British Steel entered insolvency.
PPCF advised TSP, which remained profitable, on the options available to ensure that TSP continued to work successfully and protect the interests of its staff and pensioners. PPCF assisted in negotiations and discussions between TSP and all its stakeholders, including: the Official Receiver, potential buyers, its pension scheme trustee and the Pension Regulator. TSP was acquired by French-based international engineering and consulting group Systra.
Steve Andrews, CFO of TSP commented “We are thankful to PPCF for their help and guidance in getting us through a tricky situation with sound advice and common sense - PPCF’s counsel and assistance was invaluable during what was at times a difficult process. We can now move forward under new ownership and I hope that we can work together in the future.”