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Rowecord Engineering
Rowecord Engineering Ltd was a Welsh structural steel contractor that specialised in sports facilities, footbridges, and heavy industry. Landmark works include the Olympic Aquatics Centre roof, Mary Rose Museum, Cardiff City Stadium, Liberty Stadium and Newport City footbridge.
Neptune Works, its former headquarters, is partly built over the River Usk.
Rowecord Engineering Ltd was incorporated by Benjamin Hoppé in 1967 to carry out structural steel fabrication and erection.
1987 turnover was £7.3 million with 156 staff and by 1988 the Company had subsidiaries specialising in steelworks coal handling plant, and marketing industrial equipment. The acquisition of Braithwaite assets that year added capabilities in fluid storage systems including modular, pressed steel tanks. The transaction increased capacity for steel fabrication and existing Rowecord businesses moved down the River Usk from Old Town Docks to Braithwaite's Neptune Works.
During 1993 the business re-organised. Rowecord Engineering Ltd and its subsidiaries each became directly owned by the Hoppé family's newly incorporated Rowecord Holdings Ltd. Twenty years later that put the other businesses out of reach of Rowecord Engineering Ltd's creditors. Group turnover was £18.6 million with 335 staff in 1993.
Group turnover peaked at £133 million in 2013. There had been over a thousand employees in 2012, and Rowecord Engineering Ltd accounted for approximately half of group staff and turnover.
Grant Thornton was appointed Administrator to Rowecord Engineering Ltd in 2013; 425 workers were immediately made redundant, with 82 retained to complete contracts and assist Administration. Projects including an extension for the British Museum; blast furnace works at Port Talbot for Tata Steel, and a coal injection plant for SSI at Redcar were interrupted. The situation was attributed to an anticipated £12 million cash shortfall and lack of new orders. A £5 million loan offered by the Welsh Government, and commercial settlements with customers, had been insufficient to prevent Administration. Purchasers were not initially forthcoming for the business. The Administrator completed viable contracts by either appointing agents to carry out the work; transferring them to Rowecord group companies, or negotiating exits. Administration became Liquidation in 2014. Creditors suffered a £29 million loss.
The holding company, Neptune Works and fellow subsidiaries survived. Those were Andrew Scott Ltd (civil engineering and construction), Braithwaite Engineering Ltd (pressed steel tanks), Industrial Planners and Constructors Ltd (valve distribution) and Rowecord Total Access Ltd (scaffolding).
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Rowecord Engineering
Rowecord Engineering Ltd was a Welsh structural steel contractor that specialised in sports facilities, footbridges, and heavy industry. Landmark works include the Olympic Aquatics Centre roof, Mary Rose Museum, Cardiff City Stadium, Liberty Stadium and Newport City footbridge.
Neptune Works, its former headquarters, is partly built over the River Usk.
Rowecord Engineering Ltd was incorporated by Benjamin Hoppé in 1967 to carry out structural steel fabrication and erection.
1987 turnover was £7.3 million with 156 staff and by 1988 the Company had subsidiaries specialising in steelworks coal handling plant, and marketing industrial equipment. The acquisition of Braithwaite assets that year added capabilities in fluid storage systems including modular, pressed steel tanks. The transaction increased capacity for steel fabrication and existing Rowecord businesses moved down the River Usk from Old Town Docks to Braithwaite's Neptune Works.
During 1993 the business re-organised. Rowecord Engineering Ltd and its subsidiaries each became directly owned by the Hoppé family's newly incorporated Rowecord Holdings Ltd. Twenty years later that put the other businesses out of reach of Rowecord Engineering Ltd's creditors. Group turnover was £18.6 million with 335 staff in 1993.
Group turnover peaked at £133 million in 2013. There had been over a thousand employees in 2012, and Rowecord Engineering Ltd accounted for approximately half of group staff and turnover.
Grant Thornton was appointed Administrator to Rowecord Engineering Ltd in 2013; 425 workers were immediately made redundant, with 82 retained to complete contracts and assist Administration. Projects including an extension for the British Museum; blast furnace works at Port Talbot for Tata Steel, and a coal injection plant for SSI at Redcar were interrupted. The situation was attributed to an anticipated £12 million cash shortfall and lack of new orders. A £5 million loan offered by the Welsh Government, and commercial settlements with customers, had been insufficient to prevent Administration. Purchasers were not initially forthcoming for the business. The Administrator completed viable contracts by either appointing agents to carry out the work; transferring them to Rowecord group companies, or negotiating exits. Administration became Liquidation in 2014. Creditors suffered a £29 million loss.
The holding company, Neptune Works and fellow subsidiaries survived. Those were Andrew Scott Ltd (civil engineering and construction), Braithwaite Engineering Ltd (pressed steel tanks), Industrial Planners and Constructors Ltd (valve distribution) and Rowecord Total Access Ltd (scaffolding).
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