Construction firm Roadbridge to go into receivership
Roadbridge, one of the country's biggest civil engineering and construction firms, has announced it is to go into receivership.
The company founded in Limerick by the late Pat Mulcair in the 1960's employs 630 people in Ireland, the UK and Sweden, and is involved in some of the biggest infrastructural road, energy and water projects in Ireland the UK and Europe.
It was working currently on the Coonagh-Knockalisheen distributor road in Limerick, and was recently appointed as contractor for the Ballaghadreen by-pass in Roscommon.
It has also been involved in the construction of the second runway at Dublin Airport, the Limerick Tunnel, and the Limerick Greenway.
"It is with regret that, as result of insurmountable financial challenges, the Board of Roadbridge Holdings Ltd announces that it has requested Bank of Ireland to appoint receivers to the company," Roadbridge said in a statement this afternoon.
Aidan Murphy, Chairman of Roadbridge said they have been "working tirelessly" for the last number of months to find a solution to the "grave challenges" faced by the company.
"My fellow directors and I greatly regret having to take this step, but unfortunately, it was the only possible option at this time," Mr Murphy said in a statement.
"The Board recognise the support of all our stakeholders, including our bank, Bank of Ireland, in difficult circumstances as the directors explored every opportunity to save the company.
"We are committed to working closely with the receivers now in order to get the best possible outcome for employees, creditors and stakeholders," he added.
The receivers are Stephen Tennant and Nicholas O'Dwyer of Grant Thornton.
Tánaiste Leo Varadkar has described the news as "extremely concerning".
In a statement, he said “Today’s news that Limerick based construction company Roadbridge has entered receivership is extremely concerning. My thoughts are with the employees, many of whom I know dedicated their entire careers to the company.
“We are still gathering the full information. I have asked my officials and those in Enterprise Ireland to engage with the company as a matter of urgency.
“Again I am very aware of how disappointing this news is for the company’s hundreds of employees and the wider community. The Government is on hand to help in whatever way it can.”