Roadbridge collapses

The company, headquartered in Ireland but with substantial business across mainland UK, ran out of cash.

According to the Irish Independent newspaper, Roadbridge owed the Bank of Ireland €35m and had previously appointed IBI Corporate Finance to find a buyer or investor.

Roadbridge chairman Aidan Murphy said: “We have been working tirelessly for the last number of months to find a solution to the grave challenges faced by the company. 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.”

Stephen Tennant and Nicholas O’Dwyer of Grant Thornton have been appointed receivers.

Roadbridge UK turned over £96m in 2020 (2019: £63m) and made a pre-tax profit of £389,000 (2019: £280,000) thanks to projects including Chalfont St Peter vent shaft enabling works for the Align JV on HS2.

Roadbridge is, or was, also part of the Future Valleys Construction consortium with FCC, Meridiam, Alun Griffiths and Atkins, which has a £450m contract to widen an 11 mile stretch of the A465 between Dowlais Top and Hirwain, in the Merthyr Tydfl area.

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