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.
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