Mabey Bridge Fails To Sell Renewables Division
[source:HENGSHENG MACHINERY] [author:HSSCAFFOLDING] [date:2023-02-11]
Mabey Bridge Has Announced The Proposed Closure Of Its Renewables Division After Failing To Find A Buyer.
Chairman Juliette Stacey said that the uncertainty of market conditions for the UK onshore wind industry in the longer term has been a contributing factor.
Employees were informed yesterday of the proposed closure of the division in Chepstow, Monmouthshire. This is not a decision that we have taken lightly and we understand that this is a very difficult time for our people, said Stacey.
Exhaustive attempts have been made to sell the division as a going concern since the company announced the planned sale in December. Following contact with over 50 companies from the UK and abroad, receiving expressions of interest from a number of them, we have been in exclusive discussions with one organisation for the last three months, said yesterdays statement. However, it became apparent at the end of last week that the deal was not going to reach a successful conclusion.
We believe that we have exhausted all available options given the extensive process that we have run since December. As a result, earlier today our employees were told that a full consultation process will now be conducted with those affected by the proposed closure.
Mabey Bridge said that it remains committed to honouring its existing obligations to both customers and suppliers, which are expected to be completed by the end of the financial year in September 2015.
Stacey added: The priorities for us now are to support our affected employees in whatever way we can, and to ensure that the longer-term future of Mabey Bridge as a whole is secure. We will provide our people with as much information and support as possible over the coming weeks.
Mabey Bridge will continue to be run from Lydney, Gloucestershire, providing bridging and infrastructure systems.