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

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 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.

Press contact:

Christian Ball, Mazars: : 0779 403 1172

Louisa Howells, Mazars: 020 7063 4142 / 07919 548 736