The reorganization of Thames Ironworks preserved its engineering management while bringing in people to handle the finances. Lord Alan Spencer-Churchill's social connections helped the firm pursue unpaid bills from influential customers. More realistic tender prices were also necessary because the Admiralty expected the builder to honor the agreed contract. The company nevertheless approached bankruptcy during Warrior's construction. Government support of £50,000 helped sustain the work, with extensive conditions attached.
Notable Point · 34:39-37:55
The financial rescue behind Warrior's construction
Experienced engineers remained in place while new financial management pursued unpaid bills, followed by conditional government support.