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.
This well-established mechanical, plumbing, and electrical contracting and maintenance business boasts an exceptional reputation, having operated for around 50 years with a focus on the education and health sectors.
This is a unique opportunity to acquire a reputable construction company based in Bedfordshire. The business is available on a leasehold, freehold or relocatable basis depending on the purchaser.
This opportunity involves acquiring a well-established UK company specialising in diamond drilling, sawing, and fire protection services.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.