With news from Scotland revolving around the upcoming referendum, it is often forgotten that many businesses must continue as normal in the days leading up to the 18th. However, this has been brought into sharp relief by the sale of the Ferguson shipyard in Inverclyde having been confirmed by administrators from KPMG this week.
Clyde Blowers Capital, owned by prominent industry figure Jim McColl, was chosen as the preferred bidder last month, and has now acquired the rights to the shipyard. It also now owns the rights to the Ferguson Shipbuilders name, which Mr McColl confirmed would be changed to Ferguson Marine Engineering.
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.
“Work is now well underway to develop a plan to rebuild Ferguson’s, and we look forward to working with the key stakeholders in that rebuilding process.”
Ferguson Shipbuilders Ltd entered administration last month, with the firm blaming “significant cash flow pressure” for the decision. This resulted in a loss of 70 jobs – something which Mr McColl hopes to rectify in the coming months.
He intends to upgrade the Port Glasgow shipyard with a significant cash investment and therefore increase the property’s ability to chase contracts within the lucrative renewables sector. In turn, he believes that this will allow the firm to almost quadruple its workforce within three to five years, with the initial aim of growing the workforce from the pre-administration 77 to 120 people.
Joint administrator Blair Nimmo spoke of his delight at managing to secure the future of Ferguson shipyard only weeks after becoming involved with the administrative process.
He said; “It is extremely pleasing to secure the sale of Ferguson Shipbuilders in such a short timeframe 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.”
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