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."
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