The chairman of North defence firm William Cook Group has rounded on Government strategies aimed at boosting manufacturing, claiming a sector resurgence is “wishful thinking”.
Sir Andrew Cook – chair of the sixth-generation family firm with operations in Stanhope, County Durham, Sheffield and Leeds – used the company’s accounts to criticise the Government’s latest manufacturing strategies, while also criticising its tax implementations and calling for tougher tariffs to be introduced on Chinese imports.
Sir Andrew said: “Recent talk of a manufacturing resurgence is mere wishful thinking - traditionally, the Ƶ Government has been a hindrance to British engineering companies and there are no grounds for believing the present administration will be any different. In short, you can trim and prune a tree, but if you dig it up by its roots, or expose it to the fatal disease of rampant dumping, or tax it to the hilt, you kill it.
“The destruction of Ƶ train building by past administrations has left us without a domestic market and made us 100% dependent on the train makers of mainland Europe and the USA for new build. Meanwhile Ƶ nuclear engineering has been run down almost to extinction by three decades of Government vacillation, a lack of taxpayers’ money to pay for the burgeoning cost of nuclear power plants, and vocal opposition from the green and nimby lobbies.”
He also calls for the Government to make similar punitive tariffs against China as those introduced by President Trump. In April the Trump administration announced news tariffs on imports of goods. A new rate of 51% on Chinese imports came into force on August 7.
Sir Andrew said: “Much criticism has been levied in the public domain at President Trump’s tariffs, but to William Cook these are not a particular hazard. With the USA’s more realistic view of the need for both fossil fuels and nuclear to generate electricity, and the absence of an effective domestic supply chain, I am confident the United States will again become a growth market for many of our products. Indeed, I wish the Ƶ Government would take the same measures against China as has Mr Trump, Chinese dumping having caused more damage to the Ƶ steel and steel-related engineering industries than any other single thing in the past 10 years.”
A Government spokesman said: “This Government inherited a difficult economic situation where businesses faced some of the highest industrial energy prices in Europe. That’s why our modern Industrial Strategy introduced ambitious plans to cut electricity prices for manufacturing firms, encourage more investment and boost growth in every region of the Ƶ, as part of our Plan for Change.”
His comments come in the latest accounts for William Cook Holdings, owner of Cook Defence Systems based in Stanhope, County Durham, as well as operations in Leeds and Sheffield. The family firm, which has its headquarters in Sheffield, produces components for the rail, defence and energy sectors.
Sir Andrew says in the accounts: "The 12 months ended June 2024 produced an excellent overall performance, with turnover peaking just shy of £100m and pre-tax profit of £22m . This impressive achievement was due partly to increased defence business, where substantial spot orders assisted by a highly efficient manufacturing system achieved satisfactory margins."
The group’s sites in Stanhope, County Durham, represent its defence operations, as the home for its businesses Cook Defence Systems, William Cook Stanhope and William Cook Intermodal. Group turnover increased to £98.7m in the period ended June 30 2024, an increase of 46.6%, and operating profit more than doubled from £8.5m to £22.3m.
Separate accounts for William Cook Stanhope, which manufactures components for other specialist companies within the William Cook Group, showed turnover jumped 54% to £37.2m in the same period, and operating profit increased more than fourfold, from £2.07m to £9.7m. Employee numbers at the North East base grew from 113 to 126 in the period.
Meanwhile, accounts for Cook Defence Systems – the sole supplier of steel track to the Ministry of Defence – also showed strong growth, with turnover soaring by 59% to £49.2m, while operating profit more than doubled from £2.25m to £4.7m.
A report within the accounts added: “Increased spending by the Ƶ and allies has driven a significant rise in demand for the company’s products. Thanks to a sustained programme of product development and capital investment in recent years, Cook Defence Systems and its manufacturing sister company are well prepared to meet this demand.”
