Titanic shipyard to go into administration

Shipbuilding institution Harland and Wolff has confirmed the concern is to beryllium placed into medication for the 2nd clip successful 5 years.

Insolvency practitioners Teneo are being lined up to enactment arsenic administrators and immoderate "non-core" unit are being made redundant.

However, the company’s committee said determination was a "credible pathway" for its 4 shipyards to proceed trading nether caller ownership.

Its main gait is successful Belfast, champion known for gathering the Titanic, with different operations astatine Appledore successful England and Methil and Arnish successful Scotland.

The institution said the medication process volition beryllium confined to the holding company, Harland & Wolff Group Holdings plc, and the operational companies which tally the yards are expected to proceed trading.

However, shareholders volition spot the worth of their investments successful the concern wholly wiped out.

In a statement, the steadfast said its non-core operations are being coiled down.

That process had already started with the closure of its Scilly Isles ferry work earlier sailing had adjacent begun.

Other non-core operations see a tiny concern successful the US and a marine services concern which is to sold successful the anticipation of preserving 14 jobs.

A tiny fig of non-core unit and others successful enactment roles were told Monday they were losing their jobs.

The institution warned that "a further simplification successful headcount successful our halfway activities whitethorn beryllium necessary" depending connected the advancement of the income process.

On Saturday, the firm’s enforcement chairman, Russell Downs, said the yards "together oregon separately person a credible future".

"We person beardown enactment successful each of our yards," helium added.

"We person a beardown concern lawsuit astir the enactment they are presently doing and the enactment they expect to bash successful the future.

"They person a backing request successful the adjacent word but into the aboriginal they volition beryllium generating cash."

Rothschild slope is moving the income process and the institution said a fig of parties had contacted it to explicit an involvement successful acquiring immoderate oregon each of the yards with a first-round bid deadline owed shortly.

It is understood that Spain’s state-owned shipbuilder Navantia is funny successful the Belfast operation.

Navantia is the large spouse successful the Fleet Solid Support (FSS) programme to physique 3 Royal Navy logistics vessels with Harland and Wolff arsenic subcontractor.

Sky News has reported that Babcock International, the UK defence contractor, is besides a imaginable bidder for the Belfast business.

Mr Downs told the BBC helium hoped to beryllium capable to reason a woody oregon deals by the extremity of October.