400 jobs at risk as steel firm enters administration - 26/01/2012

The administration of a steel firm in the south of England could result in hundreds of members of staff losing their jobs.

Local MP Gordon Henderson stated he is "devastated" by the closure of Kent company Thamesteel, which was bought by Saudi Arabian organisation the Al-Tuwairqi Group in 2002, BBC News reports.

He explained he was told the firm will be announcing it is going into administration today (January 26th), adding: "It is very, very disappointing news. I feel absolutely devastated for the workers that can see that they might lose their jobs."

Mr Henderson said he hopes a buyer comes in for the stricken firm so that it does not have to go into liquidation, with the loss of around 400 jobs.

He noted he is seeking a meeting with business minister Vince Cable in a bid to save Thamesteel.

Earlier in the year, a new report from the Federation of Small Businesses indicated that confidence among companies has crashed in the last few months.

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Posted by Miles Pritchard

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