Harland and Wolff has announced it will move into administration 163 years after its creation due to failing to secure funding to continue trading. The Shipbuilder built the Titanic over 100 years ago, and have estimated that roughly 50-60 immediate redundancies will take place but that this figure excludes its shipyard staff.
The shipyard has four locations, Belfast, England and two in Scotland. This administration will be Harland and Wolff’s second time in the past five years after the British government was named as its administrator in 2019. Shortly after this, however, it was InfraSrata swooped in to save the company through purchasing the business.
This time around, insolvency practitioners, Teneo, have been appointed as Harland and Wolff’s administrators. Teneo has announced that shares will be delisted as the proceedings are due to commence over the next few days. They have also stated that staff are already aware of potential redundancies in the non-core operations’. This has so far included the closure of its chilly Isles ferry service, as well as the sale of its small US business and a marine business. This has been planned to hopefully maintain 14 jobs. However, the company has stated that further reductions may be necessary, sales dependant.
The core operations, however, will likely be unaffected. This includes the famous Belfast shipyard that built the Titanic. These will continue to trade as normal. In 2023, the Belfast location produced its first completed vessel in the past 20 years as it has mainly focused on repairing and greener energy.
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