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150 jobs at risk: RMT blames government for TXM Plant collapse

TXM Plant road rail equipment

TXM Plant Ltd is entering administration. Teneo Financial Advisory Limited has been appointed as administrators of the group after the Wigan-based supplier of road-rail vehicles reportedly faced ‘challenges’ in recent months, with falling customer demand in the face of industry-wide budgetary constraints.

It is anticipated that the collapse of TXM will impact the railway, it being the largest supplier of Road / Rail vehicles in the UK. The company also provides consultancy and training, plant operations scheme work, and contract lifts.

RAIL understands that discussions between RMT and TXM Plant’s administrators are underway to understand what steps are being taken to find a new buyer, or funding for the company.

Upon hearing the news, Mick Lynch, general secretary of RMT commented to union members, “I shall be engaging with the RMT Parliamentary Group as the crisis at TXM Plant is not unique but has come about as a direct result of the government underfunding a vital service such as the railways over many years.”

“I have written to Network Rail over this matter and asked the company what steps it is taking to secure such jobs within Britain’s railway and how it is going to ensure that the supply of equipment carried out by TXM Plant will continue not just in the immediate future but also long term.”

TXM Plant employs 150 staff across its eight depots, and was originally known as NDS Plant (part of Network Rail) and prior to that, as Hydrex.

Joint administrator Kristian Shuttleworth said: " has been exploring multiple options to support the business, including raising additional capital, refinancing existing debt, and running a sale process. Unfortunately, none of these efforts was successful and the Directors have therefore taken the difficult decision to appoint administrators."

"This is a very difficult time for employees, and we will do all that we can to support them over the coming weeks, including speaking to the Job Centre Rapid Response Unit as a matter of urgency and liaising with the insolvency service to expedite payments due under the Redundancy Payment Service." 

 

 

 

 



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Comments

  • Lynda McCarthy - 17/01/2024 15:05

    As a haulier of rail equipment/machines, this will be our third experience of losing money as an 'unsecured creditor'. Not enough is being done to protect small businesses. It was not that long ago that Hydrex and Paul John Plant went into liquidation/administration, owing us £100k plus and now it is happening again with TXM. It will be more and more difficult to find hauliers who are approved and prepared to gamble on such high risks in the future.

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  • barry nicholas - 19/01/2024 00:00

    I am one of the Txm employee's made redundant from the Wigan depot. Very sad news I received Wednesday at 17.30. 10/01/24 I had been with them 20years service

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