Unsecured creditors nursing 拢22.5m hit after civils firm went down in March
Two firms are owed more than 拢1m by collapsed civils contractor Roadbridge UK, an administrator鈥檚 report has revealed.
The Welwyn Garden City-based firm sank into administration in March with the loss of close to 220 jobs.
Administrator Grant Thornton said unsecured creditors have been left nursing a 拢22.5m hit with two firms facing seven-figures losses. The largest amount owed is 拢1.252m to a Northern Ireland building and civils firm.
A third firm, Roadbridge鈥檚 Irish parent, Roadbridge Ltd, which was based in Limerick and is now in receivership, is also owed over 拢1m.
Close to 40 firms are owed over 拢100,000 each but unsecured creditors have been told there is little chance of them seeing their money returned.
Raodbridge鈥檚 sole secured creditor is the Bank of Ireland which is owed around 鈧�35m (拢30m) but has also been told not to expect all of its money back, with Grant Thornton adding 鈥渨e are unable to anticipate the exact level of the shortfall鈥�.
The firm鈥檚 employees are also owed a further 拢357,000 in missing holiday pay and wages but they too have been warned they might not get a penny back.
In its report, Grant Thornton said it was in advanced discussions with a potential purchaser for Roadbridge but 鈥渢he complexity of the group meant a sale was not able to be achieved鈥�.
The report added that Roadbridge UK sank because of 鈥渙ngoing trading losses鈥� and the impact of the pandemic on its business.
At the time of its collapse, Roadbridge was working on two HS2 contracts, the largest of which was for a joint venture with Tarmac that was working for an Eiffage, Kier, Ferrovial and BAM Nuttall team.
Keltbray has since picked up a handful of senior people from the firm to beef up its civils arm.
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