Although it was built of Portland stone the workmanship was very faulty. Between 1833 and 1840 extensive repairs were necessary, until at last it was decided to build a new bridge on the same site, which coincided with the creation of the Thames Embankment's junction with the new Queen Victoria Street and required a major reconfiguration. The original Blackfriars Bridge was demolished in 1860, P.A. Thom & Company won with the lowest tender and placed an order with Lloyds, Foster and Company for the necessary ironwork. Due to P.A. Thom's problems in finding solid foundations, Lloyds, Fosters & Company went into liquidation having lost £250,000 on the project. The metalwork was built by The Patent Shaft and Axletree Company, Wednesbury, following their takeover of Lloyds, Foster and Company.