A steelworks on the Isle of Sheppey in Kent, a county on the southeastern coast of England, has been sold out of administration to a new firm owned by the Al-Tuwairqi Group (ATG). More than 350 people lost their jobs when Thamesteel in Sheerness went into administration in January. Accountancy firm Mazars said it had "been sold out of administration to ATG". Thamesteel went into administration earlier this year with the loss of more than 350 jobs. "The sale will mean that steel production on the site can recommence with, hopefully, the recreation of a large number of the jobs lost when the company entered administration on January 25 this year," said a statement announcing the news. Joint administrator Rod Weston, of accountancy firm Mazars, said: "This sale is very good news for Sheerness. It concludes what has been a long and painful process for all involved." "At many points we feared the eventual outcome might be very bleak for the future of steel production on the island. However, after several false dawns, we have secured a sale to the only bidder to come forward with the intention of restarting production at the plant," he added.
