Wed, 05 Mar 2014 | ADMINISTRATION
Mustang Marine, which was teetering on the edge of administration last week, has now been placed into the hands of Alistair Wardell, administrator at Grant Thornton, with a sale sought.
Sixty-six staff have been made redundant at the boatbuilding and repair business in Pembrokeshire, Wales, and were told not to turn up for work on Monday, 3 March. With the remaining 48 staff still on board, Mustang Marine is continuing to trade while the administrators work to identify “a buyer and new owner as quickly as possible”.
The business is presently working on several projects including constructing a £3 million catamaran to service offshore wind farms.
Mr Wardell is optimistic that a sale will be forthcoming, having received plenty of interest in all aspects of the business and with discussions with potential buyers ongoing over the next fortnight.
He told the BBC: “In the meantime, a number of parts of the existing business will carry on trading and working on some very exciting projects, which are already under way, thanks to some highly supportive customers.”
Mustang Marine has been established since 1984 and based at Pembroke Dock since 1997, building and supplying boats, such as pilot boats, wind farm support vessels, workboats and passenger vessels for commercial customers around the globe.
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Welsh boatbuilding firm poised for administration
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