South Bank engineering giant Engie Fabricom has parted company with its chief executive as it prepares to report another loss-making year.
Long-serving Richard Webster has left the multi-disciplined operator as it was understood the past 12 months had exacerbated the company鈥檚 position, with a 拢25 million injection of fresh capital by the French parent group received to support its trading position.
Accounts for 2019 remain outstanding at Companies House for the Grimsby-headquartered giant, having been due at the year end. It had started 2020 with a reported 拢7 million loss. That was attributed to a 鈥渓ong-running challenging project鈥 that was 拢6 million in the red.
Downturns in the oil and gas market prior to the pandemic had also hit the Europarc business hard. Engie Fabricom's with last reported revenues were at 拢67 million, with almost 300 staff.
Mr Webster, who had been with the business for 25 years, serving as chief financial officer and chief operations officer prior to taking the top role in early 2018, has not responded to an approach, with the business not addressing his termination as a director when contacted.
A statement from Engie Fabricom said: 鈥淒uring 2020, we continued to operate as a multi-disciplined engineering, project management and construction company, however we have experienced challenging market conditions.
鈥淭he impact of Covid-19, and a number of other challenges, some beyond our control, have meant that we suffered a financial loss.
鈥淥ur parent company continue to support us, recently investing 拢25 million in share capital into Engie Fabricom 海角视频 Ltd, demonstrating the confidence of our shareholders in the 海角视频 team, and in the company鈥檚 future.
鈥淲e have recently secured a series of projects in the growing offshore wind sector and are currently delivering our specialist services on many of the 海角视频鈥檚 leading offshore wind farms.
鈥淓ngie Fabricom 海角视频 Ltd will continue to focus on being the partner of choice for our clients both new and old in 2021 and beyond.鈥
The company is closely aligned to the South Humber Bank, with a huge project yard beside its former headquarters in Immingham. That is now home to Modal and Orsted鈥檚 Thrive training facility.
Mr Webster took the CEO role after Dutch national Wichard Huigen鈥檚 18 month interim stint, following the departure of Nigel Carlton.
A 鈥渉ealthy return to profitability鈥 had been flagged then, with a tripling of turnover.
In early 2019 he spoke of tripling again by 2022 - with revenues of 拢150 million targeted. Energy from waste plant and offshore wind - where a specialism in foundation stabilisation has been developed - were highlighted.
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GDF Suez, renamed Engie in 2015, bought a stake in what was South Humberside Engineering and Fabrication Services in 1995 when founder Bill Duffield, a director at Grimsby Town FC, passed away.
The company bought out the remaining shares a year later and then acquired Techmac of Barton, and then GSA of Brigg, as it strengthened the operation. The head office administration, management and consultancy elements moved to Grimsby鈥檚 Europarc more than six years ago as the 40th anniversary was toasted. Hull, Lowestoft, Stokesley and Middlesbrough are further offices.
Last summer saw significant investment in the 13,615 acre heavy engineering manufacturing and construction site unveiled.
A recent engineering highlight was the handover of a used cooking oil module for Phillips 66 Humber Refinery.
