UK steel firm Cleveland Bridge collapses into administration


Blow to UK steel industry as engineer behind Wembley Stadium and the Shard skyscraper goes bust










A Darlington engineering group has collapsed into administration in yet another blow to the steel industry. 

Around 220 jobs are at risk at Cleveland Bridge, which helped build the Shard skyscraper in London, the Wembley Stadium arch and the Sydney Harbour Bridge. 

It is understood the engineer’s finances were hammered when a major bridge-building project in Sri Lanka was put on hold because of Covid. 

Around 220 jobs are at risk at Cleveland Bridge, which helped build the Shard skyscraper in London (pictured), the Wembley Stadium arch and the Sydney Harbour Bridge

Cleveland Bridge, founded in 1877, was in talks with its owner, Saudi Arabian Al-Rushaid Group, to secure an extra £6million of funds but this was unsuccessful. 

Martin Puller, a partner at Cleveland’s administrators FRP Advisory, said the company had been ‘a flagbearer for cutting edge British engineering for more than a century’. 

The UK’s steel industry has been struggling for years but Covid has put firms under even more pressure. 

British Steel went bust in 2019 and Sanjeev Gupta’s Liberty Steel has been fighting for survival after its main lender Greensill Capital failed. 



Source link

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Unilever but boss sounds alarm as costs surge

Government to cut down its £12bn stake in Natwest