Irish civil engineering company Roadbridge has entered receivership over “insurmountable financial challenges”.
The Limerick-based construction firm, which is active in onshore wind across Ireland and the UK, employs more than 600 people and has significant debts.
Stephen Tennant and Nicholas O’Dwyer of Grant Thornton have been appointed receivers after a request from the Roadbridge board.
The company took the move after failing to find a buyer in recent months, it is understood.
“It is with regret that, as result of insurmountable financial challenges, the Board of Roadbridge Holdings Ltd announces that it has requested Bank of Ireland to appoint receivers to the company,” Roadbridge said in a statement.
Chairman Aidan Murphy said in a statement: “My fellow directors and I greatly regret having to take this step, but unfortunately, it was the only possible option at this time.”
He added: “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.”
Tánaiste Leo Varadkar tweeted that the development was “extremely concerning”.
He said officials are engaging with the company “as a matter of urgency”.
“My thoughts are with the employees, many of whom I know dedicated their entire careers to the company.”