Employees at engineering company Cleveland Bridge are being advised to prepare for redundancies as administrators fail to find a buyer
Cleveland Bridge is now preparing to end production later this month.
Administrators FRP said they “must prepare for the prospect that the business will cease to trade” after 20 September.
Administrators had been optimistic about securing a buyer to save the business, which collapsed on 22 July.
However, redundancies will also now start among the remaining 133 staff.
In a statement, FRP revealed that with no viable offers remaining to save the business, it must now prepare for a property and asset sale.
‘We have worked tirelessly in the hope of finding a buyer’
Martyn Pullin, partner at FRP and joint administrator of Cleveland Bridge UK, commented: “We have worked tirelessly in the hope of finding a buyer who would continue to operate Cleveland Bridge as a going concern, running a thorough and extensive sales process.
“However, with no current viable offers remaining to take the business on, we must now prepare for a property and asset sale.
“Our specialist employment team will continue to work closely with the staff, their representatives, Unions and the council to support all the workers through what we know has been an extremely challenging time.”
Cleveland Bridge, was founded 144 years ago and has helped build some of the world’s most iconic structures, including the Sydney Harbour Bridge and the Shard skyscraper in London.