France-based contractor Systra has secured a deal to acquire unsettled UK-based engineering consultancy TSP Projects.
Founded in 1987, TSP Projects was originally part of British Rail. In 2018, under British Steel ownership, it made a pre-tax profit of £1.3 million (€1.43 million) after revenue of almost £34million (€37.52 million). Following the recent collapse of British Steel, however, the future of the business was in doubt.
The deal, which sees the scale of Systra’s UK and Ireland operations double, was agreed with the Official Receiver, which has been managing British Steel since it went into compulsory liquidation in May.
Systra, which itself is majority owned by the French-state’s local and national rail operators RATP and SNCF, has said, “The combined company will provide clients with a complete end-to-end service spanning every aspect of rail projects, as well as specialist understanding of mobility and complex infrastructure.
“It will deliver expertise across the full project lifecycle, from strategic advisory and design to systems integration, programme and construction management, testing & commissioning, and asset management. This expertise will be delivered through a significantly expanded UK footprint, providing clients with a highly localised service.”
Pascal Mercier, chief executive of Systra, said, “This acquisition is a game-changer for our UK and Ireland business, placing us among the leading UK consulting engineering firms. This is a good fit between two like-minded companies with a shared commitment to excellence, safety and innovation.”
TSP Projects chief executive Craig Scott said, “This is a great opportunity for TSP Projects staff, clients and partners. Systra is a like-minded organisation with similar values and a focus on technical excellence. Systra ownership will bring with it all the benefits of a global engineering business including access to high calibre technical expertise to complement and enhance TSP Projects.”