Construction News

Wed September 22 2021

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Cleveland Bridge to restart production

2 Aug Cleveland Bridge UK is to resume production while its administrators continue to seek a buyer.

On Friday 30th July 2021, the joint administrators held a meeting to provide an update to key stakeholders on the administration of Cleveland Bridge UK. The meeting was attended Tees Valley mayor Ben Houchen, MP for Sedgefield Paul Howell, MP for Darlington Peter Gibson, Darlington Council leader Heather Scott, employee representatives and the GMB union.

Martyn Pullin, David Willis and lain Townsend of specialist business advisory firm FRP were appointed as joint administrators to Cleveland Bridge UK last month.

Since the appointment, the joint administrators have marketed the business for sale and opened discussions with interested parties.

Discussions with clients regarding support for live projects resulted in the administrators saying that they intend to restart production this week, subject to the formal agreement of terms with customers and finalisation of insurance arrangements.

Staff required to fulfil the production requirements will be contacted this week and asked to return to work, while the remaining staff will likely continue to be furloughed as part of the Coronavirus Jobs Retention Scheme.

Marlyn Pullin, partner at FRP and joint administrator of Cleveland Bridge UK, said: "We are looking to restart production and continue to hold discussions with interested parties over the future of the business. We are working quickly and diligently to assess the viability of those approaches and will need to determine how they align with our objectives and duties as joint administrators.

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MPU

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