Civils contractor Roadbridge placed in receivership
Irish civils contractor Roadbridge and its UK subsidiary have been placed in receivership with 215 UK jobs at risk.
Nigel Morrison, Stuart Preston and Philip Stephenson, all partners of Grant Thornton UK LLP, were appointed joint administrators of Roadbridge UK Ltd on 11 March.
The contractor operated out of its UK headquarters in Welwyn Garden City, and had a number of contracts across the UK.
Roadbridge had been undertaking extensive civils and earthworks packages for the Align joint venture – which consists of Bouygues, Sir Robert McAlpine and VolkerFitzpatrick – on the HS2 project.
The contractor’s Limerick-based parent company, Roadbridge Ltd, has also been placed into receivership, with Grant Thornton handling the affairs of both companies.
Grant Thornton said the majority of UK employees had been sent home pending further updates, “whilst a strategy for the administration is being reviewed”.
According to the Irish Independent, Roadbridge owes the Bank of Ireland €35m. The company was founded in 1967 and with its subsidiaries employs approximately 630 people in Ireland, the UK and Sweden.
The administrators said the company had struggled with an acute cashflow shortage and despite attempts to sell the business a buyer for the group had not been found.
Rob Parker, a director at Grant Thornton UK, said: “It is very disappointing that efforts to save the company and other companies within the RBL group from insolvency were not successful and our efforts now turn to supporting the company’s employees during this difficult time and seeking to maximise asset realisations for the benefit of the company’s creditors.
“We are currently assessing whether it is possible to salvage some or all of the business and invite any interested parties to get in touch with the joint administrations. However, operations have temporarily ceased, whilst we explore the options available”.
Source Construction News
