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.”
A precision engineering company that designs (as required),manufactures and delivers bespoke products.Excellent relationships with key clients, some spanning over 30 years. Predominately operates on a regional basis.Strong second-tier management team...
FREEHOLD
A strong pipeline of confirmed work in place for the coming year. Operates as a principal contractor on projects of all sizes, with additional services include civil engineering and M&E solutions. Offers invited.
FREEHOLD
A service engineering company offering a bespoke service to the chemical,pharmaceutical, effluent and waste water treatment, aggregate, food and oil industries, including sales of new and refurbished centrifuges, filter presses, Nutsche filters and v...
FREEHOLD
|
24
|
|
Jan
|
Hawkin’s Bazaar enters administration | ADMINISTRATION
Norwich-based novelty toy retailer Hawkin’s Bazaar has...
|
23
|
|
Jan
|
MBO at Bristol-based media training firm | MBO/MBI
Mentor Media Training has been acquired by lead consultant D...
|
22
|
|
Jan
|
Chelmsford warehouse management firm bought by software provider | BUSINESS SALE
Chelmsford-based warehouse management solutions provider Min...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources