by Trevor Sturgess and Emma Grove

Thamesteel bosses were warned of serious financial problems FOUR MONTHS before it was put into administration.

Workers were reportedly told at Christmas that all was well with the Brielle Way-based business, but it has now emerged auditors had doubts about its ability to continue operating in September.

Tunbridge Wells firm Baker Tilly warned back in September last year - in the accounts for year end December 31, 2010 - about “material uncertainty which may cast significant doubt about the group’s ability to continue as a going concern”.

Thamesteel called in the administrators on January 25, with the loss of 350 jobs.

The accounts also show that owners, the Al-Tuwairqi Group, pledged to support the firm for 12 months before it collapsed, but apparently failed to deliver.

Thamesteel reported post-tax losses of approximately £34m in each of the years 2009 and 2010, which appear to have been funded by loans from the parent company.

There has been an angry reaction to the revelations after workers were told they could “spend as normal” at Christmas.

Dad-of-two Anthony Clements, of Invicta Road, Sheerness, had worked at the mill for 23 years.

He said: “Some of the guys were told go and have a good Christmas and spend what you like.

“They [the owners] obviously knew and the thing that really gripes with a lot of people is that they didn’t pay us. A global company and they kept our wages.

“If we had our January wages we would have had a month’s grace.”

MP Gordon Henderson said: “I’m very concerned at some of the information that is now emerging.

“It would appear to me that there is fairly good evidence that during November and December the company knew it was having problems – it must have known because it wasn’t producing steel.

“I was not aware at the time they were telling their workers that everything was OK but if that was the case that is totally immoral and they ought to be taken to task for that.”

Meanwhile, Mr Henderson says all staff who lost their jobs, including a further 10 who were made redundant after the initial closure of the firm, should receive the money they are entitled to by the end of this week.

This is after he chased up the government’s insolvency service but said if anyone does “slip through the net” they should contact his office immediately.