Civil engineering and constructor contractor Roadbridge has revealed the appointment of receivers Grant Thornton.

The firm owes about €35m to Bank of Ireland and about €40m to sub contractors and suppliers, reported Irish Times.

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The receivers were appointed by Bank of Ireland after Roadbridge’s board had asked the lender.

The company fell into receivership following the collapse of recent rescue takeover talks with UK-based O’Connor Utilities, reported the publication.

Founded in Limerick in 1967, Roadbridge employs 630 people in Ireland, the UK and Sweden.

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It is involved in several road, energy and water projects in Ireland, the UK and other parts of Europe.

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It has been into the construction of projects such as the Limerick Tunnel, and the Limerick Greenway.

A statement by Roadbridge said: “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 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.

“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.”

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Image: It is involved in several road, energy and water projects in Ireland, the UK and other parts of Europe. Credit: Paul Brennan from Pixabay