Roadbridge, one of the country’s biggest civil engineering and construction firms, announced it was to go into receivership on 11 March, requesting its main creditor Bank of Ireland to appoint receivers to the company as it could no longer battle “insurmountable financial challenges”.
The company founded in Limerick by the late Pat Mulcair in the 1960s employs 630 people in Ireland, the UK and Sweden, and is involved in some of the biggest infrastructural road, energy and water projects in Ireland the UK and Europe.
Calling in receivers, Roadbridge chairman Aidan Murphy said: “My fellow directors and I greatly regret having to take this step, but unfortunately, it was the only possible option at this time,” said Alan Murphy. “The board recognises 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.”
Roadbridge was due to start work on the €200m upgrade of the N5 road between Ballaghaderreen and Scramogue in Roscommon. The company also won the €35m Coonagh to Knockalisheen distributor road scheme in Limerick.