Thomas Storey Fabrications Group Ltd, one of the UK’s largest privately owned steel fabricators, has welcomed a delegation from the Bank of England (BoE) at its Manchester headquarters in October 2024.
The BoE team was led by Clare Lombardelli, Deputy Governor, Monetary Policy accompanied by Alison Stuart, Agent, North West and Ken Clark, Deputy Agent, North West.
Following a tour of the manufacturing facility provided by Jo Atkinson, Executive Director at TSF Group, the BoE guests had an interesting discussion with the Leadership Team at TSF Group discussing a number of topics such as the current economic climate and manufacturing sector issues.
Clare Lombardelli said: “We are very pleased to visit a company with 100 years’ heritage that is still going strong. The factory tour gave us an excellent idea of the scale and complexity of what you do and the subsequent discussion clarified some of the challenges and opportunities for manufacturers in the region. The insights gained from our visit today will feed into our monetary policy thinking”.
Jo Atkinson said: “We were delighted with the visit from the Bank of England team today. They were genuinely interested in the challenges we face in a consolidating steel fabrication market especially around manufacturers offshoring their operations and the UK-wide skills shortage that is well documented. However, there are also some amazing opportunities for businesses like us, proud to be British-owned, British-based and using British steel, this way enhancing our green credentials and complying with current and future Carbon Border Adjustment Mechanism (CBAM) regulations”.
With a proud 100 years’ history and a strong value proposition of “Reduced Production Costs, Outstanding Customer Care and Lower Carbon Footprint”, Thomas Storey is one of the largest employers in Openshaw, East Manchester with 150 designers, engineers, welders and machine operators producing fuel tanks and chassis for HGVs, construction vehicles and coaches, as well as a range of steel fabricated products.
