Scottish shipyard goes into administration

Blair Nimmo and Tony Friar of KPMG LLP were appointed as joint administrators of Ferguson Shipbuilders and the two other group companies, Newark Joiners and Ferguson-Ailsa on 14 August 2014.

Ferguson Shipbuilders was established in 1902 and employed 77 staff at the time of the administration appointments, 70 of which have been given redundancy notices. The administrators said that the group has experienced significant cash flow pressure in recent months and the lack of financial strength has hindered its ability to secure new vessel contracts from its core customer base. Recent attempts to secure investment into the business have proved unsuccessful.

The administrators say that they are assessing all available options to complete remaining work in progress and whether an early sale of its business, infrastructure, and assets can be secured.

The administrators are looking to make contact with any party with an interest in acquiring the group’s business and facilities.