25 January 2012

Rod Weston, Guy Hollander and Mike Wellard, corporate recovery partners at international accountancy firm Mazars have been appointed joint administrators to Thamesteel Limited on 25 January 2012.

Thamesteel Limited is a steel manufacturer that operates from a 50 acre site in Sheerness, on the Isle of Sheppey in Kent with over 400 full time employees. Its last reported turnover, at the end of 2010, was £200m.

Rod Weston commented: "Thamesteel has run into severe financial difficulties owing to the negative conditions in the market and the global economy. The company had been in detailed talks with a potential new investor but those talks broke down this morning. We are actively seeking a buyer for the business and encourage interested parties to get in touch

Further updates will be provided.

Should you wish to contact the Administrators, please e-mail thamesteel@mazars.co.uk and the Administrators will respond in due course."