British Steel York division sold to French-based group

TSP Projects was founded in York in 1987

A division of British Steel specialising in rail projects has been sold protecting 400 jobs.

TSP Projects is an engineering firm founded in York in 1987. It has offices in Manchester, Birmingham, Reading and Bristol.

The company has been sold by the Official Receiver to the UK subsidiary of French-based Systra Group.

The Insolvency Service said the sale has no impact on the proposed disposal of the remaining British Steel group.

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TSP is involved in a number of major rail projects including Leeds Railway Station's roof and concourse, Gatwick Station and the upgrade of the Transpennine rail route.

In addition to rail projects, the company is also involved in the energy from waste, security and construction sectors.

TSP Projects designed the new roof for Leeds Railway Station

Pascal Mercier, chief executive officer of Systra, said: "This is a good fit between two like-minded companies."

Craig Scott, TSP Projects chief executive officer, said the company was "pleased" to be part of a major global engineering company.

"After a number of years of uncertainty under a variety of owners, Systra provides a stable and long-term home which will present great opportunities for TSP Projects' staff," he said.