Race Begins to Find Buyer for Collapsed Hartlepool Construction Firm With Over 70 Jobs At Risk...

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Race to Save Hartlepool Construction Firm and 70 Jobs Underway As the Scale of the Firms Financial Collapse is Unearthed.

12th March 2026

The race is said to be on to secure the future of over 70 Hartlepool Workers after newly released financial accounts shed further light on the financial position of a Hartlepool construction company that fell into administration last week. .

The latest Companies House filings for Bridgman IBC Limited, covering the year ending 31 March 2025, show the Hartlepool Business was facing mounting short-term debts, despite holding significant assets on its balance sheet. The company which manufactures fire & security doors for the construction industry, reported creditors of just over £1.8 Million Pounds, up from £1,445m recorded the previous year.

Wider Picture of a 'Volatile Construction Industry'...

The business manufactures high security & fire doors to the construction sector with its collapse likley to be felt significantly across the supply chain

At the same time, the accounts reveal the company had current assets of £1,372,252, made up of stock, money owed by customers and cash at bank. However, these assets were said to have been no where near enough to cover its immediate liabilities, leaving the business with net current liabilities of £459,574.

Despite the obvious cash-flow pressures, the company’s balance sheet shows a significant rise in fixed assets, which increased to £2,184,028, largely made up of property, plant and machinery. When these longer-term assets were taken into account, the firm reported net assets of £1,634,864, more than double the £789,693 recorded in 2024. The accounts also show the scale of the workforce potentially affected by the company’s collapse, where during the 2025 financial year, Bridgman IBC employed an average of 70 staff, slightly down from 74 employees the year before.

The company had previously been saved from closure back in 2004, when when a Management buyout saved the company & its then 65 workforce, with the firms management team, comprising of Mick Butler, Tony Phillips, Peter Bowes, and Neil Scott funded a buyout deal to purchase the business from Administrators using private investment funded by the Royal Bank of Scotland, with workers are said to be hoping a similar deal comes in the next few weeks.

The newly published accounts are said to provide a clearer picture of the financial pressures facing the Hartlepool construction firm in the months leading up to its collapse as well as the problems facing the wider construction industry, with rising short-term debts and negative working capital all pointing to growing cash-flow challenges in an industry seemingly struggling to survive.