Administrators appointed to Thamesteel Limited

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