VT poised to capture Glasgows last naval shipyards

Southampton-based VT Group will confirm its interest in buying the BAE Systems’ yards at Govan and Scotstoun which will spark fresh fears for the future of the 2,300 Clydeside jobs. VT?s chief executive, Paul Lester, is reportedly set to spell out in a company financial statement exactly how interested his firm is in the yards.

The Motor Ship reported last month that BAE was willing to shed its shipbuilding activities and have been in talks with America’s General Dynamics and France’s Thales in addition to VT over the sale of its naval shipyard division, which includes a nuclear submarine yard in Barrow-in-Furness, Cumbria. VT, however, is likely to be interested in only the Clydeside yards if it gets support services too, especially those relating to a lucrative £2 billion contract to build new Type 45 destroyers for the Royal Navy.

However, British authorities, who own a golden share in BAE and could veto any deal, are thought to prefer a UK buyer. BAE and VT are already working together on a £2.9 billion project to build two new aircraft carriers for the Royal Navy.