Fri, 10 Sep 2021 | ADMINISTRATION
Administrators for structural engineering firm Cleveland Bridge have announced that they are preparing the company’s property and assets for sale after failing to secure a buyer for the business.
The Darlington-based firm, which dates back close to 150 years, fell into administration in July after the COVID-19 pandemic caused major delays to several global infrastructure projects that the company was engaged in.
Administrators from FRP Advisory were initially optimistic of securing a sale of the firm and have said that they intend to “keep this dialogue open”. However, despite interest from potential buyers worldwide, including lengthy talks with one interested party, none have been able to give assurances regarding their ability to complete a deal.
As a result, the company looks likely to be wound down following the completion of its final production in the week beginning September 20th, at which point its property and assets will head to auction.
Joint administrator Martyn Pullin of FRP said: “We have worked tirelessly in the hope of finding a buyer who would continue to operate Cleveland Bridge as a going concern, running a thorough and extensive sales process.”
“However, with no current viable offers remaining to take the business on, we must now prepare for a property and asset sale. Our specialist employment team will continue to work closely with the staff, their representatives, Unions and the council to support all the workers through what we know has been an extremely challenging time.”
The company, which had a full order book for the forthcoming 18 months when it entered administration in July, reported £47.9 million in turnover in its most recent financial report, for the year ending December 30 2019. At the time, the company had £7.1 million in fixed assets, £13.68 million in current assets and net assets (less creditors and liabilities) of £2 million.
In addition to its Darlington headquarters, Cleveland Bridge also has manufacturing facilities in Dubai and Saudi Arabia, with the capacity to produce approximately 150,000 tonnes of steel annually.
View the latest distressed UK businesses here.
Delivers specialist shop fitting services for pharmacies, offering design, supply, installation and maintenance solutions to meet client specifications and complete projects to a high standard. Works with a number of blue-chip and independent pharmac...
LEASEHOLD
The highway successful business opportunity was established over 60 years ago by our client's family who is now looking to sell the business to simply retire. The fully equipped opportunity will include the extensive range of specialist equipment,...
LEASEHOLD
Provides kitchen and bathroom adaptations including grab rails, non-slip flooring and low-level storage for elderly or disabled clients, alongside standard building services.
LEASEHOLD
|
16
|
|
May
|
Manx Financial Group to acquire Payment Assist in potential £9m deal | BUSINESS SALE
Manx Financial Group Plc has announced the acquisition of Pa...
|
13
|
|
May
|
Assets set to be sold as modular housing joint venture enters administration | ADMINISTRATION
The US House Group modular housing joint venture has fallen ...
|
12
|
|
May
|
Bathroom panel firm acquired for up to 9.1x EBITDA | BUSINESS SALE
Bathroom and kitchen products firm Norcros has agreed a deal...
Sign up to receive our acquisition alert emails to get your FREE guide
|
07
|
|
Oct
|
Cleveland Bridge assets to go to auction next month | COMMERCIAL PROPERTY
It has been confirmed that an auction of the property and as...
|
08
|
|
Sep
|
Assets for sale as Scottish wind turbine firm enters administration | ADMINISTRATION
Scottish wind turbine manufacturer CS Wind (UK) has fallen i...
|
23
|
|
Jul
|
Buyer sought as engineering firm Cleveland Bridge enters administration | ADMINISTRATION
Structural engineering firm Cleveland Bridge has fallen into...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources