Wealthy businessman steps in to rescue the struggling firm he sold for £36m
Wealthy businessman steps in to rescue the struggling firm he sold for £36m
The move could save hundreds of jobs at the firm that is behind the dualling of the Heads of the Valleys road
Current Griffiths projects include the final dualling of the Heads of the Valleys road, pictured here
(Image: John Myers )
A wealthy businessman has stepped in to help rescue a Wales-based construction contracting company potentially saving hundreds of jobs. It's understood Abergavenny-based businessman 79-year-old Alun Griffiths, who established Griffiths in 1968 and is a popular philanthropist in the area, is in the process of buying back the company he sold to the Tarmac group for £36m in 2018.
Griffiths - also known as Alun Griffiths Contractors Ltd - is the construction firm behind the dualling of the Heads of the Valleys road and was also behind the 2010 Ryder Cup golf course in Newport.
Earlier this year the firm had failed to file its accounts on time and had previously recorded four years of losses. Results filed at Companies House for 2023 showed a pre-tax loss of £95m.
In a statement the company, which employs more than 900 people, said in March its review of market conditions and financial performance had led to discussions of 'proposed changes' with staff, which the Welsh Government described as 'worrying news'.
In a new statement the company confirmed its intention for a 'smooth transition' following Mr Griffiths' renewed investment.
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'Tarmac will continue to work closely with Alun Griffiths Contractors Ltd to ensure there is a smooth transition on a business-as-usual basis,' they said.
'The intention is to refocus the company as a privately owned entity with an emphasis on its established strengths of safety, customer service, engineering excellence and a local geographic presence.'
Mr Griffiths was confirmed as a director on May 8 on Companies House. According to Companies House he is being joined by Tim James and Simon Dunn, who both left the business just over a year ago and are returning as managing and deputy managing director.
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Current Griffiths projects include the final dualling of the Heads of the Valleys road and a joint venture to develop Bristol Airport's new £60m transport hub.
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