Tees

Jobs lost as Stockton engineering firm calls in administrators

Cordell Stockton Image copyright Google
Image caption The company was formed in Stockton 17 years ago

More than 100 jobs have been lost and a further 170 are at risk after a Teesside engineering firm called in administrators.

Stockton-based Cordell is involved in facilities construction for the oil, gas and petrochemical industries.

The company, formed in 2000, has suffered from a downturn in the oil and gas sectors, according to administrators Begbies Traynor.

A spokesman said potential buyers were being sought.

Joint administrator Lee Lockwood said: "Unfortunately, the group has suffered from the decline in the oil and gas sector over the past couple of years.

"Whilst seeking to diversify into other sectors, it suffered losses on two contracts from which its financial problems arose.

"Significant interest in the group has been expressed by potential buyers or investors, but no sale or investment has been concluded to date."

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