Mon, 09 Jun 2025 | ADMINISTRATION
A longstanding engineering firm based in Workington, Cumbria, has fallen into administration and ceased trading. Workington Engineering Limited, trading as Chapel Bank Engineering, entered administration following unsuccessful efforts to secure private investment.
The business had been trading under various names and owners for the past 80 years, working across sectors including steelmaking, defence, renewables, construction oil and gas and nuclear.
The company has fallen into administration on a number of occasions over recent years. In 2022, it was placed into administration by Chinese owner Jingye Steel, prior to being rescued by GMET Engineering.
Then, in September 2024, while trading as TSP Engineering, the company fell into administration once again, with administrators from Leonard Curtis subsequently concluding a successful sale to Workington Engineering.
Following this rescue deal, administrators said the business was able to protect some contracts and had sought private investment to aid its recovery. However, these efforts proved unsuccessful and the company was forced to appoint administrators once more.
Iain Nairn and Sean Williams of Leonard Curtis, who previously handled the company’s 2024 sale, were once again appointed as joint administrators on June 6 2025. Upon their appointment, all 130 staff at the company’s Curwen Road site were made redundant and the company ceased trading.
Joint administrator Iain Nairn commented: “Directors at Workington Engineering have been unable to move the business forward since last year and have had no option but to close the doors. It is a very sad day for everyone involved.”
“There have been big challenges in the last few years in the steel sector and the inability of the company to raise investment has caused its closure.”
In the year to the end of March 31 2023, TSP Engineering reported turnover of £13.5 million, compared to £18.75 million in the period from January 1 2021 to March 31 2022, while cutting its pre-tax losses from close to £1.1 million to around £53,000.
Read more about the major factors driving the UK's high insolvency levels
Explore the chance to acquire a well-regarded engineering business specialising in lift installation and maintenance services.
The company provides precision engineering and manufacturing services internationally, including consultations at the research and development stage, CNC turning, CNC milling, and finishing.
This specialist manufacturer provides precision engineering components across various sectors, supported by the latest technology and a highly skilled team. The business enjoys a strong network of long-standing clients, with significant recurring rev...
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.