Cleveland Bridge administrators say there is 'significant interest from potential investors'

The administrators for Cleveland Bridge say they have seen significant investment interest in the engineering firm.

The company, which has built the likes of the Shard in London and the Tyne Bridge, issued redundancy notices to staff last week.

Administrators FRP say they've started initial talks with a number of interested parties. 

Funding has also been secured through its funders 4Syte, to ensure essential workers are paid.

Some staff retrained to help run business operations, to allow the Joint Administrators to work to try and secure the site's future.

The funding will also enable key workers to be placed on furlough, with their consent, and receive payment through the coronavirus job retention scheme.

Joint Administrator Martyn Pullin said: "We're grateful to 4Syte for their support, which helps to protect a number of jobs while we are actively seeking investors to secure the future of the business."

Just last week, a group of politicians said they were "optimistic" that a buyer can be found to rescue the historic engineering business, Cleveland Bridge.

The Darlington-based business employs around 200 people and has a proud record of engineering feats, including working on the Sydney Harbour Bridge, the Tyne Bridge, the Wembley arch and the Shard skyscraper.

But according to reports, it has hit financial difficulties.

The Tees Valley mayor, Ben Houchen, as well as Paul Howell and Peter Gibson, Tory MPs for Sedgefield and Darlington, issued a joint statement, saying the firm had a strong order book.

The joint statement went on to say: "Cleveland Bridge is a business with an amazing heritage that has been responsible for some of the world's most iconic structures, including the Sydney Harbour Bridge and the Shard skyscraper in London.

"The skills of its workers are second to none and have led to the company having an enviable global reputation. The company has a full order book for the next 18 months, this coupled with the firm's history, expertise and highly skilled workforce makes us optimistic that a buyer will come forward quickly for this iconic business.