More than 100 jobs saved as historic Manchester steel firm sold

The company played a key role in the Allied effort in World War II

More than 100 jobs have been saved after a deal to rescue a historic Manchester steel firm from administration.

Thomas Storey Fabrications Group has been making fabricated steel products for almost a century and made the prefabricated Bailey bridges used by Allied troops in World War II. It now supplies the construction, truck and trailer manufacturing, and agriculture sectors.

But the company, which is based in Openshawe, faced mounting financial pressures including supply chain challenges, customer withdrawals from the UK market and mounting overheads, BusinessLive reports.

Last week Chris Ratten and Gareth Harris of RSM UK Restructuring Advisory were appointed joint administrators.

They have now completed a pre-pack sale of the business and its assets to Thomas Storey Fabrication Limited, part of the TAL Engineering Group.

All 110 jobs have been saved as part of the deal.

Chris Ratten, RSM UK restructuring advisory partner and joint administrator, said: "Global market volatility and a shift in key customer focus, supply chain challenges, and other pressures beyond Thomas Storey's control have unfortunately resulted in the company suffering financial strain over recent months.

"In what was a particularly time-pressured situation, we are delighted to have helped to achieve a sale of the business, allowing it to continue servicing its customers and, most importantly, to preserve employment for all staff.

"We are grateful to management, staff and wider stakeholders for their patience and support, and for enabling the protection of vital manufacturing capabilities in the North West."

Dave Brindle of TAL Engineering, said: "The TAL Group backed by Baaj Capital funding are delighted to have secured the future of the Thomas Storey Business and its highly skilled and committed team.

"As part of our acquisition strategy, we are committed to saving and developing excellent UK engineering companies. We thank the RSM team for their professionalism throughout this process."

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