Administrators rush to find buyer for builder of Shard

ADMINISTRATORS are scrambling to find a new buyer for Cleveland Bridge, the 144-year-old engineering company that built Sydney Harbour Bridge, London’s Shard and the Wembley Stadium arch.

FRP Advisory has been appointed leaving around 200 staff at the plant outside Darlington facing an uncertain future.

Insiders said that Cleveland Bridge’s owner, Saudi Arabia’s Al-rushaid Group, gave bosses little notice that it was withdrawing its support. The company was founded in 1877 and produces 150,000 tons of steel each year.

It has been hit by the pandemic delaying projects, overseas contracts being pulled due to political instability and rising steel prices.

Ben Houchen, Tees Valley mayor, said: “The company has a full order book for the next 18 months, this coupled with the firm’s history, expertise and highly skilled workforce makes me optimistic that a buyer will come forward quickly for the business.”