Administrator puts Cleveland Bridge up for sale

Aaron Morby 4 months ago
Share

Administrators have started the search for a buyer for structural steelwork contractor Cleveland Bridge.

Around 320 jobs at risk if a buyer is not found
Around 320 jobs at risk if a buyer is not found

FRP was appointed as administrator today and signalled that it was urgently seeking to find an investor in the failed business to help protect as many jobs as possible.

Talks are underway with CBUK’s clients to discuss continued support on live projects and with staff ahead of first redundancies.

The business employs 221 staff at its headquarters in Darlington and an engineering site in Newport, South Wales.

The business also has 48 contractors in Darlington and around 50 contractors on various sites.

Since 2000, CBUK has been part of the Al Rushaid Group – a Saudi Arabian industrial conglomerate.

The UK business’ finances were severely impacted by delays to projects in the UK and internationally as a result of the pandemic, and it now needs significant further investment.

Martyn Pullin, Partner at FRP, said: “Cleveland Bridge UK has been a flagbearer for cutting edge British engineering for more than a century.

“But no business is immune to the far-reaching impact of the pandemic, which has delayed major infrastructure projects around the world and put significant financial pressure on the teams behind them.

“CBUK is a business with a proud history and a formidable track record of engineering excellence.

“It also has great potential and should attract interest from the steel fabricants sector and other firms looking to break into the specialist bridge building market.

“Unfortunately, without significant investment, the business will be wound up. That is why we’re calling on any interested parties to come forward.

“Regrettably, the business is unable to continue operating at its current capacity.”

He added: “We are urgently reviewing contracted work in progress to determine the shape of the business going forward.”

Latest news

Massive Stewart Milne development goes into administration

Countesswells new town now in hands of administrators
3 days ago

Race starts for £2.5bn Ministry of Justice framework

Frameworks cover projects up to £30m and are divided into regional lots
2 hours ago

London Uni submits North Acton high-rise tower cluster plan

Plans in for eight buildings ranging between 6-32 storeys in North Acton
2 hours ago

Galliard forms new partnership to build 850 homes

Work to start on £300m Brimingham and Ipswich developments by next spring
3 hours ago

Engineers battle to repair power network after Storm Arwen

Large sections of overhead power lines need to be rebuilt after "worst damage for 20 years"
2 hours ago

Leeds £270m Lisbon Square towers approved

Work to start in the Spring on residential and office scheme
12 hours ago

Green light for £65m canalside scheme in Wolverhamption

Construction to start next summer on transformation of brownfield site
3 hours ago

Ex-Laing O’Rourke boss to head rejigged BAM UK business

BAM names new chief for combined UK and Ireland businesses in growth push
3 days ago

Robertson submits £150m Cardiff Arena plan

Arena work to start next Autumn with wider Atlantic Wharf regen scheme to follow
3 days ago

HS2 pioneers first ‘box-slide’ bridge over motorway

BBV will start initial site preparation over the Christmas holiday period
4 days ago

Rocks smash site huts as quarry blast goes wrong

Breedon Trading Ltd fined £300,000 after court hears worker was forced to run for cover
3 days ago

Sellafield names £250m HVAC key delivery partners

Balfour Beatty Kilpatrick and EJ Parker Technical Services take first integrated team deal
4 days ago

Cut-price home builds quadruple maintenance cost

Mount Anvil study attempts to quantify link between Capex and Opex costs
3 days ago

Ray O’Rourke to step down from Group Chief Executive role

New CEO Seamus French to join from mining giant Anglo American
4 days ago

TClarke on track for £500m revenue target

Orders surge to £525m setting fresh record for M&E specialist
4 days ago

Northern contractors still reeling from rail cancellations

Firms fear "economic black hole which will have a huge impact on regional SME contractors"
4 days ago

Go-ahead for McAlpine’s £43m Edinburgh concert hall job

Work to start next year on first concert venue in Edinburgh for over 100 years
4 days ago

Miller Homes fined £200,000 for polluting dyke

Court hears details of second incident at same Huddersfield site
5 days ago

Plans in for £60m Stoke goods yard quarter

Bowmer & Kirkland are working on the scheme under a pre-construction agreement
4 days ago

Quinn Infrastructure goes into administration

Rail M&E specialist contractor stops work on sites
5 days ago

Farrans to build £30m rotating Glasgow footbridge

Steel price rises blamed for 40% jump in rotating bridge cost
5 days ago

Brickability buys renewable energy specialist

Materials distributor buys new housing green energy specialist
5 days ago

RSK swoops for Yorkshire surveying specialist

Infrastructure surveying specialist Centara employs 60 staff
5 days ago

Former Amey director takes reins at renamed SSE Contracting

Zak Houlahan to lead Enerveo from December
5 days ago

Bouygues wins £30m Swansea zero carbon office

Firm to break ground in coming weeks on The Kingsway project
5 days ago

Sisk names new UK framework director

Rebecca Hartshorn to take on Scape framework development
5 days ago

Expanded starts work on giant HS2 station box

Construction will see 690,000 cubic metres of clay removed
6 days ago

Builders slam plans for electric car chargers in all new homes

Construction firms will foot the bill while electricity companies make the profits
7 days ago

Kier set for £32m Bournemouth council flats job

Work to start next year on four blocks of flats rising to 10 storeys
6 days ago

Severfield rises with record orders after strong first half

Orders soar to nearly £400m after Everton stadium award, shed and HS2 wins
6 days ago

Contractor services