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Harland and Wolff: Titanic shipyard to go into administration

September 16, 2024
in Business
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Harland and Wolff: Titanic shipyard to go into administration
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On Saturday, the firm’s executive chairman, Russell Downs, said the yards “together or separately have a credible future”.

“We have strong leadership in all of our yards,” he said.

“We have a strong business case around the work they are currently doing and the work they expect to do in the future.

“They have a funding need in the near term but into the future they will be generating cash.”

Rothschild bank is running the sales process and the company said a number of parties had contacted it to express an interest in acquiring some or all of the yards with a first-round bid deadline due shortly.

It is understood that Spain’s state-owned shipbuilder Navantia is interested in the Belfast operation.

Navantia is the major partner in the Fleet Solid Support (FSS) programme to build three Royal Navy logistics vessels with Harland and Wolff as subcontractor.

Sky News has reported that Babcock International, the UK defence contractor, is also a potential bidder for the Belfast business.

Mr Downs told the BBC he hoped to be able to conclude a deal or deals by the end of October.

Credit: Source link

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