Mabey Bridge has announced the proposed closure of its Renewables division in Chepstow, Monmouthshire.

The company said efforts to sell the business to potential buyers were 'exhaustive'.

In a statement released on 7 July, Mabey Bridge said: "Following contact with over 50 companies from the UK and abroad, receiving expressions of interest from a number of them, we have been in exclusive discussions with one organisation for the last 3 months.

"However, it became apparent at the end of last week that the deal was not going to reach a successful conclusion."

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Employees have now been informed of the proposed closure.

Juliette Stacey, Chairman of Mabey Bridge, said: "This is not a decision that we have taken lightly and we understand that this is a very difficult time for our people. Since December 2014, we have made every effort to try to find a buyer."

She added: "The uncertainty of market conditions for the UK onshore wind industry in the longer term has been a contributing factor.

"The priorities for us now are to support our affected employees in whatever way we can, and to ensure that the longer-term future of Mabey Bridge as a whole is secure."

Mabey Bridge will continue to operate from Lydney, Gloucestshire.

It stated the company remains committed to honouring obligations to both customers and suppliers, which are expected to be completed by the end of the financial year in September 2015.

(LM/CD)