Thu, 26 Oct 2023 | ADMINISTRATION
Thessco Ltd, a Sheffield-based manufacturer of precious metal alloys, has fallen into administration and ceased trading. Following their appointment, administrators will seek buyers for the company’s plant and machinery.
Thessco, which can trace its history as far back as 1760, was one of the largest manufacturers of metal joining products, silver brazing alloys and industrial silver alloys in the world. The company employed 47 staff, with all jobs expected to be lost following the appointment of administrators, and had its head office and production site at Sheffield Royds Mills.
During the year ending December 31 2021, the company reported turnover of £31.6 million, up from £22.3 million a year earlier and a pre-tax profit of £141,601, compared to a £204,376 loss the previous year. At the time, its fixed assets were valued at around £5.6 million and current assets at £7.5 million, while total equity amounted to £4.5 million.
Following the appointment of administrators, Thessco’s directors attributed its collapse to a range of factors that arose “following a year of turbulent market forces”, including soaring energy prices, a significant increase in finance costs and rising raw materials costs.
Joanne Hammond and Kris Wigfield of Begbies Traynor were appointed as joint administrators to Thessco Ltd on 26 October 2023.
Commenting on the company’s administration, joint administrator Joanne Hammond said: "It is very said to see the demise of such a historic Sheffield business, but, unfortunately, market conditions make it unviable for it to continue. As well as supporting employees, we will be seeking the best return for creditors and anyone interested in purchasing plant or machinery should contact us."
Read more about the headwinds impacting the UK's manufacturing industry and how these are helping to shape M&A trends in the sector
Seeking parties interested in the business and assets of a company that trades as a fabricator sub-contractor for large construction companies.
The company is well-established and operates from a third party owned quarry in Lincolnshire. The business quarries, manufactures and supplies a range of aggregate products, gabion stone and provides associated products and services throughout the Un...
An exciting opportunity to purchase the leading UK security, fire and Passivhaus doorset manufacturing company. A specialist in providing accredited doors for communal and multi-occupancy buildings, with the designs now established as market leading.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.