Published by Insider Media
ROADBRIDGE GOES INTO RECEIVERSHIP
Civils contractor Roadbridge has confirmed the appointment of receivers Grant Thornton.
The Enquirer revealed that work had stopped on its sites including two major packages on HS2.
Receivership will put the future of 630 staff and 1,000 indirect workers in jeopardy across the UK and Ireland.
A Roadbridge statement said: “It is with regret that, as result of insurmountable financial challenges, the Board of Roadbridge Holdings Ltd announces that it has requested Bank of Ireland to appoint receivers to the company.”
Chairman Aidan Murphy said: “My fellow directors and I greatly regret having to take this step, but unfortunately, it was the only possible option at this time.
“The Board recognise the support of all our stakeholders, including our bank, Bank of Ireland, in difficult circumstances as the directors explored every opportunity to save the company.
“We are committed to working closely with the receivers now in order to get the best possible outcome for employees, creditors and stakeholders.”
Roadbridge has been seeking an investor in the business for some time with a deal with a Stockport based civils contractor “white knight” buyer understood to have collapsed earlier this week.