Monday, 29 April 2013
Rowecord Engineering in administration today
Rowecord Engineering the biggest steelwork company in Wales is due to go into administration today putting 400 jobs at risk.
The company is best known for high profile prestigious projects such as the roof for the Olympics aquatics centre. The problem appears to have been a drying up of large scale projects in the region of £500k upon which it depends.
Newport-based Rowecord Engineering says it has exhausted every option to sustain the business.
The company has a production capacity of 50,000 tonnes per annum and a total workforce of 600.
This is obviously a blow for Wales and highlights that the construction sector is still struggling. It was reported earlier that construction activity shrunk by 2.5% in the first quarter of 2013 which was only offset by the services sector's strong growth which prevented the economy slipping back into recession.
Interestingly there appears to be an unusually high incidence of construction and engineering businesses featured in the latest Winding up Petition List from HMRC click on the link to see.