Irish civil engineering company Roadbridge has been placed in receivership for “insurmountable financial challenges”.
The Limerick-based construction company, active in onshore wind in Ireland and the UK, employs over 600 people and has large debts.
Grant Thornton’s Stephen Tennant and Nicholas O’Dwyer were appointed as receivers after a request from Roadbridge’s board.
The company made the decision after failing to find a buyer in recent months, it is understood.
“It is with regret that, due to insurmountable financial challenges, the board of directors 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 trustees and I deeply regret having to take this step, but unfortunately it was the only option available at this time.”
He added: “The board acknowledges the support of all our stakeholders, including our bank, Bank of Ireland, in difficult circumstances as the directors explored every opportunity to save the business.
“We are committed to working closely with receivers now to achieve the best possible outcome for employees, creditors and stakeholders.”
Tánaiste Leo Varadkar tweeted that the development was “extremely concerning”.
He said officials were engaging with the company “urgently”.
“My heart goes out to the employees, many of whom I know have dedicated their entire careers to the company.”