Wed, 07 Aug 2019 | ADMINISTRATION
Harland and Wolff, the Belfast shipyard that built the Titanic, has gone into administration after its owner failed to find a buyer.
The shipyard, which is owned by Norwegian firm Dolphin Drilling, has long dominated the skyline of the Northern Irish city, with the site itself on a long lease from the Belfast Harbour Commissioners.
Commenting on the company's position on Monday, a spokesperson said: "There has been a series of board meetings, the result of which is that administrators will be appointed over the course of the day."
Lawmaker Gavin Robinson, who represents the East Belfast constituency where the plant is located, has said he has "pulled all the political levers" he can but failed to prevent the appointment of administrators, thus leaving the shipyard's workers uncertain about their future.
Harland and Wolff first opened in 1861 but reached its peak during the Second World War, when it employed more than 30,000 people. However, the company's success has been declining for over half a century and it now focuses solely on energy and marine engineering projects, employing just 130 people.
The shipyard's turnover has also dropped significantly in recent years, falling from almost £67 million in 2015 to £8 million in 2016, when the company also recorded a loss of £7 million.
The administrators will now search for a new potential buyer as they seek to restart the sales process. While the previous efforts to find a buyer have been unsuccessful, administrators remain hopeful due to previous success selling part of the site. One previous sale led to part of the shipyard being transformed into a museum dedicated to the Titanic, while the building where the ship was originally designed is now home to a four-star hotel.
Offers an extensive range of quality equipment from respected brands, including excavators, compressors, rollers, saws and various tools. Utilises extensive in-house expertise in the utilities sector to provide comprehensive support and advice for pr...
LEASEHOLD
Highly experienced team in place, with a suitable candidate to fill an upper-level management position, if required. Serves a large regional client base, with clients operating in industry sectors including education, healthcare and facilities. Offer...
FREEHOLD
Specialises in drylining works and acoustic flooring, benefiting from a diverse range of in-house expertise. Predominantly works with clients in London, including major construction and fit-out companies 100% client retention rate, receiving a contin...
LEASEHOLD
|
31
|
|
Mar
|
Coronavirus Business Interruption Loan Scheme to cover business acquisitions | BUSINESS NEWS
The UK government has launched the Coronavirus Business Inte...
|
30
|
|
Mar
|
Tech group The Panoply acquires consultancy firm Ameo | BUSINESS SALE
Business consultancy firm Ameo has been acquired by AIM-list...
|
27
|
|
Mar
|
Addison Lee acquired by consortium of investors | BUSINESS SALE
Addison Lee Group, London’s biggest private care hire ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
06
|
|
Aug
|
Titanic shipbuilder capsizes while vultures circle | ADMINISTRATION
Insolvency specialists at BDO have been appointed administra...
|
27
|
|
Jul
|
Harland and Wolff 'still in search of buyer' | BUSINESS SALE
The Harland and Wolff shipyard in Belfast will not be able t...
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