Thessco Ltd: Historic Sheffield manufacturing firm placed into administration with 47 jobs at risk
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A historic Sheffield manufacturing firm, founded in 1760, has been placed into administration, with nearly 50 jobs at risk.
Thessco Ltd, which has its head office and factory at Royds Mills, on Windsor Street, off Attercliffe Road, Attercliffe, describes itself as one of the world's largest manufacturers of silver brazing alloys, metal joining products and industrial silver alloys. The business was placed into administration on Thursday, October 26, with Joanne Hammond and Kris Wigfield of Begbies Traynor appointed as joint administrators. The company has ceased trading, the administrators said, with the expected loss of all 47 jobs.
Energy prices and other rising costs had a 'huge impact' on the business
The company's directors said: "It is with heavy hearts that we have been forced to make the decision to close Thessco Ltd in Sheffield, following a year of turbulent market forces.
"Spiralling energy prices, increased raw material costs and the significant rise in finance costs have all had a huge impact on the business.
"We would personally like to thank all our staff for their hard work and dedication, and all our customers and suppliers for their loyalty."
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."
Business has been at same site in Sheffield since 1788
The refining business, previously known as The Sheffield Smelting Company, was founded by John Read in 1760 and moved to its current site in Attercliffe, where it has remained ever since, in 1788.
The Thessco Group's website describes how it was bought by Engelhard in 1974, and in 1984 was sold to Solpro Manufacturing.
Thessco Ltd famously made the medals for the World Student Games, which Sheffield hosted in 1991, and the firm was visited by Princess Anne ahead of the event's opening ceremony. In recent years, the Attercliffe site had been developed to include Solpro Business Park, which will continue to operate as part of Solpro Manufacturing Limited, hosting a variety of businesses.
Thessco SAS in France will continue to operate, serving its traditional precious metal markets both within the EU and the UK.
For more information about the administration process, email Begbies Traynor at [email protected].