Glasgow shipyard firm in administration

Mon, 12 Aug 2019 | ADMINISTRATION



The directors of Ferguson Marine Engineers, the company behind the shipyard in Port Glasgow, have put the business in administration following its involvement in two long-standing disputes with the Scottish government.

Specifically, the disputes were in relation to the construction of two ferries for CalMac, the government-owned ferry business, over the use of hybrid power systems which use a combination of diesel and liquefied natural gas.

Gerry Marshall, the chief executive of Ferguson Marine Engineers, said: “It is with great regret and disappointment that the directors of Ferguson Marine Engineering Limited have served notice to appoint an administrator to the company.

"This decision has not been taken lightly, but the directors do not consider there to be any other options in the current circumstances.

"However, the directors will continue to support the shareholder and the Scottish government to realise a positive outcome for the business and its employees.”

Ministers have pledged to secure the future of the yard, and have vowed to ensure that all vessels under construction will be completed with all jobs also safeguarded going forward.

Clyde Blowers Capital (CBC) is the yard’s parent company, which proposed to the Scottish government last month to take over a share of the ownership. The plans, however, were rejected.

A spokesperson for the Scottish government stated: “Our priority remains to ensure the completion of the vessels under construction, secure jobs for the workforce and protect the future of shipbuilding at the site.

“We’ve been working to secure a future for the shipyard for two years, and it is disappointing that we have not been able to reach a commercial solution with CBC that would have prevented administrators becoming involved.

“[…] we are committed to maintaining the jobs on the site and building a secure future for the yard and its workforce.”


Share this article



Latest Businesses for Sale

Cladding Systems & Fume Extraction Engineers
Midlands, UK Wide

Profitable systems engineers specialising in building cladding systems and associated steel building frames, fume extraction systems, ducting and mechanical engineering services. Reason for sale: semi-retirement. Offers invited.

Asking Price: Offers Invited
Turnover: £450,000

Precision Grinding Engineering Business
Leicestershire, UK Wide

A great opportunity has arisen for a new buyer to acquire a well-established and lucrative Precision Grinding Engineering business based in Barwell, Leicestershire. A family run business offering in-demand services. Offers invited.

Asking Price: £650,000
Turnover: £440,110

RELOCATABLE


Precision Mechanical, Electrical & Electronic Engineering
South West, UK

The company acts as a single source supplier and provides complete engineering solutions to large clients, typically within the aerospace, automotive, marine, nuclear and defence sectors. Offers invited.

Asking Price: Offers Invited
Turnover: £4,300,000


View more businesses for sale

News Search

Latest News

 
27
 
May
 

Food-to-go supplier calls in administrators | ADMINISTRATION

Adelie Foods, one of Britain’s biggest suppliers of sa...

 
26
 
May
 

Luxury fashion brand DVF Studio enters administration | ADMINISTRATION

DVF Studio, the UK business of fashion designer Diane von Fu...

 
24
 
May
 

Over 50 hotels and travel brands up for sale as leisure company collapses | ADMINISTRATION

The parent company of coach holiday company National Holiday...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources