HUNDREDS of construction jobs in the Mid-West are at jeopardy after Roadbridge announced it is to go into receivership.

In a statement on Friday, the Limerick based company which is one of the country’s biggest civil engineering and construction firms announced it is to go into receivership. Stephen Tennant and Nicholas O’Dwyer of Grant Thornton have been appointed as the receivers.

Recent weeks have seen employees grow anxious on the company’s future. Roadbridge owes an estimated €30-35m to its main creditor Bank of Ireland on top of mounting trade liabilities.

Founded by Pat Mulcair in 1967 and incorporated as a company in 1999, Roadbridge employs 630 people in Ireland, the UK and Sweden and a further 1,000 subcontractor and agency workers, it was involved in some of the biggest infrastructural road, energy and water projects in Ireland the UK and Europe. It has been involved in the construction of Terminal 2 at Dublin Airport, the Limerick Tunnel, and the Limerick Greenway.

Over the past year, the Coonagh to Knockalisheen section of the Limerick Northern Distributor Road, the N5 Ballaghadreen by-pass in Roscommon and A465 PPP Motorway Project in Wales were the top three projects secured by Roadbridge. The firm had building contracts worth a total of €750m over the next two to three years. This latest development is feared to have a two year setback on the LNDR.

“Insurmountable financial challenges,” were referenced by the Board of Roadbridge Holdings Ltd as its reason for requesting Bank of Ireland to appoint receivers to the company.

Turnover at Roadbridge reached €246m in 2020, only dropping slightly from the 2019 figure of €271m. The company lost money on several projects, including some in Scotland. Rising energy and building materials costs aggravated its difficulties through 2021. It had invested heavily in the building of the High Speed 2 rail network, a major UK construction project with an expected outturn cost of over £100bn.

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,” he said. “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”.

Parteen native, Conor Gilligan departed his role as Chief Executive of the company over a month ago, bringing an end to his 31 year tenure with the business. In an interview in October, he predicted their turnover would rise to €300m for 2021 and stated, “Our order book is secured for the next three years and the future is bright”.

Related News

cranny cross
TII moving 'phenomenally slow' to make Cranny Cross safer
CE5084D3-5775-4CAD-A968-58EAD56F032B
Scariff Bay answers London’s Call in broadcasting first for station
gum litter 1 (1)
More men than women not disposing of their gum correctly
le24 election mary howard 2
The Electoral Chair: Ennis Municipal District the final outcome analysed
Latest News
3D printing 2 (1)
Zimmer Biomet: 3D Printing Healthcare Transformation in Oranmore
le24 election mary howard 2
The Electoral Chair: Ennis Municipal District the final outcome analysed
Homestead website-01
Robbie McCauley's make at home recipe: Baked fish in tinfoil
Website Oxygeneration-01
Jennifer Flaherty: Healing pressure sores with hyperbaric oxygenation
Website Smaranda-01
Smaranda Maier Wellness: Understanding the effects of stress
Premium
donie garrihy pat sweeney 1 (1)
'We're living in a death trap' - Doolin residents warn of further fatalities
avenue utd vs newmarket celtic 25-05-24 darragh leahy nnabuike nneji 1
50 game ban for Newmarket Celtic’s Leahy
le24 election alan o'callaghan 1
O’Callaghan to become next Mayor of Clare as roles agreed for next term
shannon development building 2
75 Ukrainians to be relocated from Shannon to Lisdoonvarna
pj ryan 1
'It was an emotional time and it still is' - PJ Ryan devastated to lose Council seat

Subscribe for just €3 per month

If you’re here, you care about County Clare. So do we. Did you rely on us for Covid-19 updates, follow our election coverage, or visit The Clare Echo every week for breaking news and sport? The Clare Echo invests in local journalism and we want to safeguard its future in our county. By becoming a subscriber you are supporting what we do, will receive access to all our premium articles and a better experience, while helping us improve our offering to you. Subscribe to clareecho.ie and get the first six months for just €3 a month (less than 75c per week), and thereafter €8 per month. Cancel anytime, limited time offer. T&Cs Apply. www.clareecho.ie.

Subscribe for just €3 per month

If you’re here, you care about County Clare. So do we. Did you rely on us for Covid-19 updates, follow our election coverage, or visit The Clare Echo every week for breaking news and sport? The Clare Echo invests in local journalism and we want to safeguard its future in our county. By becoming a subscriber you are supporting what we do, will receive access to all our premium articles and a better experience, while helping us improve our offering to you. Subscribe to clareecho.ie and get the first six months for just €3 a month (less than 75c per week), and thereafter €8 per month. Cancel anytime, limited time offer. T&Cs Apply. www.clareecho.ie.

Scroll to Top