A historic North East firm responsible for some of the world's best known bridges has gone into administration, with more than 300 jobs at risk.
Business advisory firm FRP has been brought in to Darlington firm Cleveland Bridge, known for its work on the Sydney Harbour Bridge, the Victoria Falls Bridge and Middlesbrough’s Transporter Bridge, as well as the Shard.
The company, which dates back to 1877, employs 221 staff at its Darlington headquarters and an engineering site in Wales, as well as almost 100 contractors in the North East and further afield.
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Administrators Martyn Pullin, David Willis, and Iain Townsend say the company, part of the Saudi Arabian Al Rushaid Group, has been hit by delays in construction projects both in the 海角视频 and internationally because of the pandemic.
They are looking to sell the business but have warned that it will have to cut costs to survive and could be wound up if a buyer cannot be found.
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Mr Pullin said: “Cleveland Bridge 海角视频 has been a flagbearer for cutting edge British engineering for more than a century. But no business is immune to the far-reaching impact of the pandemic, which has delayed major infrastructure projects around the world and put significant financial pressure on the teams behind them.
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“CB海角视频 is a business with a proud history and a formidable track record of engineering excellence. It also has great potential and should attract interest from the steel fabricants sector and other firms looking to break into the specialist bridge building market.
“Unfortunately, without significant investment, the business will be wound up. That is why we’re calling on any interested parties to come forward.
“Regrettably, the business is unable to continue operating at its current capacity. We are urgently reviewing contracted work in progress to determine the shape of the business going forward.”
Politicians and business leaders in the region have expressed hope that the historic company can be saved.
Earlier this year Cleveland Bridge released results for 2019 which reported a small loss despite a 30% increase in revenues to £48m. The company highlighted issues relating to a major contract on Sri Lanka but said that it had a strong order book standing at more than £76m, with further significant 海角视频 orders expected.