DESPITE a search for a buyer for its wind-turbine factory complex in Chepstow, Mabey Bridge has now halted their quest, and have closed the plant, with the loss of around 125 jobs.

The closure comes 10 months after the company first announced that it was considering its options over the factory, on the Newhouse Industrial Estate.

A late deal had been hoped for, as it was reported that Simec, an investment company which recently bought the Uskmouth power station, had offered around £8million for the factory. But this, it has been revealed, was turned down by Mabey Bridge. The company had valued the plant at around £11 million.

The plant was the subject of a £38 million grant from the Welsh Assembly only four years ago.

A statement from the Welsh Assembly expressed disappointment: “We have actively supported two separate bids for the business, both of which would have safeguarded employment at the site and provided a secure future for the business.

“But we were very disappointed that neither of these bids were acceptable to Mabey Bridge.”

A statement from the company said: “Following exhaustive efforts to find a buyer for its renewables division, Mabey regrets to confirm that its site on the Newhouse Industrial Estate in Chepstow will close.

“This follows a consultation with all affected staff over recent weeks about the future of the facility and the company’s efforts to support staff in finding alternative employment.

“Over the past five years, Mabey has invested millions of pounds into its renewables division to try and make it a viable business. Despite continued efforts to improve productivity whilst making quality products, this still has not been enough to overcome the realities of an exceptionally competitive international market for renewables.”

Juliette Stacey, chairman of Mabey Bridge said: “We have explored every avenue available to us in a bid to keep the site open, but sadly it has not been possible to do so. I would like to thank all of our staff at Newhouse who have worked diligently to meet the commitments to the customers of the renewables division prior to its closure.

“Mabey Bridge will continue its activities from its facility and offices in Lydney, as a business that provides high quality modular bridging and infrastructure solutions in the UK and overseas.

“This is a difficult day for Mabey Bridge but we will now focus on building a stronger and more sustainable future for the business.”

The last shift was on Wednesday September 31. Between 20 and 30 people will remain at the plant as it is closed down.