Mabey Bridge has proposed closure of its Renewables division in Chepstow, Monmouthshire, after failing to sell it since December 2014.
“Following contact with over 50 companies from the UK and abroad, receiving expressions of interest from a number of them, we have been in exclusive discussions with one organisation for the last 3 months. However, it became apparent at the end of last week that the deal was not going to reach a successful conclusion,” said the company.
As a result, earlier today the company informed its employees that a full consultation process will now be conducted with those affected by the proposed closure.
The business remains committed to existing obligations to both customers and suppliers, which are expected to be completed by the end of the financial year in September 2015.
Juliette Stacey, Chairman of Mabey Bridge , said: “The uncertainty of market conditions for the UK onshore wind industry in the longer term has been a contributing factor.
“The priorities for us now are to support our affected employees in whatever way we can, and to ensure that the longer-term future of Mabey Bridge as a whole is secure. We will provide our people with as much information and support as possible over the coming weeks.”
Mabey Bridge will continue to be run from Lydney, Gloucestershire, providing bridging and infrastructure solutions in the UK and overseas.