Steel fabricator and bridge constructor Cleveland Bridge has issued redundancy notices to all staff ahead of a potential administration.
The firm, founded in 1877, has issued an HR1 redundancy notification to staff, with all 230 potentially affected. The HR1 form must be issued when a business plans to make 20 or more employees redundant.
The firm said it was taking advice and exploring all opportunities. It is thought to be seeking a buyer to stave off redundancies.
The company is part of the Al Rushaid Group and has manufacturing sectors in the UK, Dubai, and Saudi Arabia. It is known for building structures including the arch at Wembley Stadium, Canary Wharf Crossrail station in London, The Shard in London, and the Twin Sails Bridge in Poole harbour, Dorset.
Cleveland Bridge UK’s financial accounts for the year to December 2019 show that it had a turnover of £48m, up from £36.9m the year before. However, EBITDA in 2019 was down to £100,000 from £1.6m.