Cleveland Bridge UK Limited (03749601): administration
- Status
- In administration
- Administration began
- 2021-07-22
- Administrators
- Iain Townsend, Martyn James Pullin, David Antony Willis
- Administrators' firm
- FRP Advisory
- Formerly
- Cleveland Bridge Group Limited; Fareace Limited
- Incorporated
- 1999-04-09
- Location
- Stockton-on-Tees
- Industry
- 43999 Other specialised construction activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- COVID-19
- Credit insurance / supplier credit withdrawn
From the administrators' statement
The Company traces its roots to 1877, and is a global leader in the design, engineering, fabrication and construction of steel bridges and complex structures. Internationally recognised as a leader in bridge design, the Company has delivered many iconic structures across the globe including the Wembley Stadium Arch, The Shard in London, The Queen Elizabeth II Bridge, Victoria Falls Railway Bridge, Thames Barrier and the Sydney Harbour Bridge.
The current legal entity CBUK was incorporated in April 1999 and is wholly owned by ARPIC, a Saudi Arabian based Oil and Gas conglomerate. The Company's ultimate beneficial owner is Sheikh Al-Rushaid (his son and namesake is a director). ARPIC is the holder of a QFC pursuant to a debenture created on 12 April 2006 and registered at Companies House on 22 April 2006.
4Syte is the holder of a QFC pursuant to a debenture, a legal charge and a chattels mortgage which were all created on 1 June 2021 and registered at Companies House on 2 June 2021.
Administrators' statement of proposals (2021-09-14) · Companies House register