Sale Of Shipyard Confirmed

11 September 2014, 06:18

The sale of a shipyard which went into administration with the loss of 70 jobs has been confirmed.

Ferguson Shipbuilders, in Inverclyde, went into administration last month after experiencing "significant cash-flow pressure''.

Clyde Blowers Capital, founded by businessman Jim McColl, has now formally acquired the firm's business and assets, the administrators confirmed.

The company will be renamed Ferguson Marine Engineering Ltd.

Administrators KPMG previously named Clyde Blowers Capital as their preferred bidder, selected after four bids for the Port Glasgow shipyard were received.

Blair Nimmo, joint administrator and head of restructuring at KPMG in Scotland, said: "It is extremely pleasing to secure the sale of Ferguson Shipbuilders in such a short time frame and to buyers who can see the potential in the business and its skilled workforce.

"We would like to thank those employees, and all parties with an interest in Ferguson Shipbuilders, including various government agencies, for their patience and support during this period.

"We would also like to wish Clyde Blowers Capital every success for the future. As new owners they have an ambitious vision to build on its heritage and grow a successful shipbuilding and marine engineering business on the Clyde.''

The shipyard, which dates back to 1902, went into administration with the immediate loss of 70 posts.

Mr McColl, chairman and CEO of Clyde Blowers Capital, told the Daily Record last week that he wants to quadruple the workforce within three to five years.

Speaking after the sale was confirmed, he said: "We are pleased to have completed the purchase of Ferguson's and are excited by its potential to grow into a leading marine engineering business.

"Having completed the deal, we will be naming the company Ferguson Marine Engineering Ltd.

"Work is now well under way to develop a plan to rebuild Ferguson's, and we look forward to working with the key stakeholders in that rebuilding process.''