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
This is a rare opportunity to acquire a longstanding UK-based precision engineering company with over 60 years of history, serving diverse sectors with its advanced machine tools.
This is an outstanding opportunity to acquire a market-leading HERZ biomass renewable energy systems specialist in the East Midlands, known for its impressive nationwide reputation and comprehensive services.
This reputable renewable energy business offers a unique opportunity with its solid regional presence, loyal client base, and consistent profitability.
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.