Trailer engineers Tinsley Special Products have gone into administration with the loss of 90 jobs, just months after securing £3.5m in Regional Growth Fund money.
Just this year the County Durham-based fabricators acquired Marshall Aerospace and Defence Group’s Mildenhall operations in Suffolk, and in January they bought Tanfield Engineering Systems Ltd out of administration.
Administrators Ian Kings and Allan Kelly from Baker Tilly were appointed to Tinsley early this month and confirmed 90 redundancies across the firm’s Peterlee and Suffolk operations
In April Tinsley bosses hosted Justice Minister Simon Hughes as he visited the company’s Eaglescliffe headquarters to deliver £57m of Round 5 Regional Growth Fund money.
At the time, the firm’s managing director Stuart Arnold said: “The RGF will give us a robust product base for export, which is not a strength for us at the moment. It will also strengthen our core company for skilled engineers and manufactured resources.”
Allan Kelly, joint Administrator and partner in Baker Tilly’s North East region said: “Tinsley Special Products Limited has suffered from a downturn in trade which has impacted on profit and cash flow. Unfortunately the contract position and financial requirements of the Company left us with little option but to cease trading shortly after appointment.
“We are in the process of realising the assets and quantifying the liabilities of the company to ascertain if a distribution can be made to creditors.
“Additionally, our specialist employment team are assisting the employees in making the relevant claims for any outstanding wage arrears, holiday pay and other claims from the Redundancy Payments Service.”