Administrator says two Asian and one European buyer “seriously” interested

Three overseas firms are interested in acquiring parts of stricken steelwork specialist Rowecord, administrator Grant Thornton has said.

Two of the potential buyers hail from Asia, while the third is based in Europe.

Grant Thornton partner Stephen Hall told Building the firms were “seriously” interested in buying at least part of Rowecord, but no formal offers have yet been received.

Hall said any potential buy could result in some of the 435 Rowecord staff that have been made redundant being taken back on.

Grant Thornton has kept on 75 staff to continue limited trading until at least June.

Hall said he hoped to receive an indicative offer for at least part of Rowecord in the next two weeks.

He added the buyers were primarily interested in the firm’s main operations at its headquarters in Newport rather than at its four regional offices.

Directors from one of the Asian-based firms have flown in to inspect Rowecord’s books at Newport this week.

Grant Thornton will hold off auctioning Rowecord’s assets until potential buyers withdraw their interest.

Rowecord built the roof of the Zaha Hadid-designed Olympic Aquatic Centre (pictured) as well as the stadiums for Cardiff City Football club and the Llanelli Rugby Club.

It is currently working on major projects at the Dover Docks and the British Museum.

Topics