Red alert to suppliers of the construction company Clevedon Bridge after reports that it is on the ‘brink of collapse’
The 150-year-old construction firm Cleveland Bridge based in Darlington has called in the administrators and is seeking a buyer this week having sent staff home.
According to reports in the Northern Echo the company that was ‘on the brink of collapse’ with more than 220 staff about to lose their jobs.
Ian Carrotte of ICSM said the situation was grim for suppliers to the outfit as it seemed unlikely they would be paid if the administrators failed to find a buyer and liquidated the company. He said: “The firm made a pre-tax loss in the last financial year but were known for some major construction projects like the Shard, Sydney Harbour Bridge and the suspension bridge over the River Severn in the 1960s. A firm of that size which also has ongoing projects in Sri Lanka will potentially bring down other companies with it. The red lights are flashing in accounts departments up and down the land.”
Dave Rogers writing on the Building website said: “The company, which has been majority owned by Al Rushaid Group since 2002 after the Saudi Arabian firm initially took a 50% stake two years earlier following an MBO by Cleveland Bridge management from previous owner Kvaerner, reported a £457,000 pre-tax loss in its last set of accounts for the year to December 2019 on turnover up 30% to £48m. In the accounts, the firm warned that ‘political uncertainty, in both the UK and Sri Lanka [where it has several jobs] in early 2019, meant [there had been] delays on project starts’.”
Meanwhile more firms in the construction industry have gone to the wall.
Runners and Riders
Below is a collated list taken from the Government’s London Gazette of various businesses who are experiencing problems in the last few weeks.
CONSTRUCTION, PROPERTY AND ALLIED INDUSTRIES
Administrators Appointed
Preston Paving (UK) Limited 06339407
UKL Projects Limited 05556420
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Castle Construction Building Limited 06830720
Masters Building Solutions Limited 10329327
Orange Civil Engineering Limited 11201582
Supreme Building Developments Limited 11185470
The Only Way is Kirk Limited 07563845
Liquidators Appointed
1st Solutions Infrastructure Contractors Limited 10766161
Bramber Construction Co Limited 01354167
Brian Hall Limited 08651094
Conform Concrete & Formwork Specialists Limited 04668122
Construction & Fit Out Solutions Ltd 10319223
Costhorpe Building Products Limited 03031707
Dents Fabrication Limited 10522881
Ethical Construction Limited 12486802
GFL Construction Limited 08864377
Luca Construction limited 10724706
M J P Joinery Services Limited 09784108
Northwood D&B Vision Limited 12108828
P and P Groundworks Limited 07480887
Platinum Home Refurbishments Limited 12308899
SB 82 LTD 12337959
TRW Northwest Limited 10410879
URBN Construction Limited 09689767
Walker Electrical Projects Limited 11246243
YSG Group Limited 11569405
Members Voluntary Liquidations
Advanced Cooling Solutions Limited 04758183
Hopkinson Plant Hire and Construction Limited 03749126
Plant Home Limited 05715808
RMP Homes Limited 03345434
The Building Renaissance Company Limited 03624100
White Rose Developments Limited 01968037
Petitions to Wind Up
Orchard Brickwork Limited 08562134
Winding up orders
Chic Building Limited 11305153
Ellis Walls and Ceilings Limited 07174441
Home Counties Interiors Limited 12051053
Purple Development Homes Limited 11621690
SPD Group NW Limited 09907101
About ICSM Credit
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For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk