This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/uk-wales-22317023
The article has changed 3 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Rowecord Engineering, Newport: Steel firm in administration | |
(35 minutes later) | |
The Newport firm which built the roof of the Aquatics Centre for the London Olympics is to go into administration, with the likely loss of up to 400 jobs. | |
Rowecord Engineering Ltd said its staff were "likely to be informed that their roles will be redundant". | Rowecord Engineering Ltd said its staff were "likely to be informed that their roles will be redundant". |
The firm has also worked on many landmark Welsh projects, such as the Cardiff City Stadium and the Parc y Scarlets rugby ground in Llanelli. | |
It is one of the biggest steel contractors in Wales. | It is one of the biggest steel contractors in Wales. |
Administrators are to be appointed on Monday. | |
Managing director Andrew Hoppe said: "It is with great regret that we have had to come to the decision to place the business in the hands of the administrators. | |
"Working with key business partners and the Welsh government, we have exhausted every option to sustain the business for the future. | |
"We will be looking to mitigate how this development may impact on the workforce. | |
"We are proud of all we have achieved over 40 years of trading and I'd like to take this opportunity to thank our customers, suppliers and other business partners." | |
"This is a very sad day. We are a family-run company and have a hugely committed, highly capable workforce. | |
'Deep regret' | |
"Above all I would like to thank them for their fantastic part in the Rowecord story and express our deep regret for the impact this will have on them and their families." | |
The firm was founded in 1970 and has been a steelwork contractor on major projects, bridges and industrial process plant. | |
In addition to the waveform roof of the Olympic Aquatics Centre, the firm has also worked on: | |
A Welsh government spokesperson said: "This is very disappointing news especially for the company, its employees and their families. | |
"The Welsh government has worked closely with Rowecord to support the business and offered assistance to the maximum level allowable within state aid rules. | |
"However, the offer was not taken up as Rowecord decided that it is in the best interests of its employees and partners to file for administration when a buyer for the business may be identified. | |
"In the meantime we will ensure that as much support as possible is made available to the employees including the Welsh government ReAct programme." |