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KPMG completes Scottish shipbuilder sale 12 September 2014

A group of Scottish shipbuilding companies have been sold out of administration.

Administrators from KPMG have confirmed the sale of the business and assets of Ferguson Shipbuilders Limited, Newark Joiners Limited and Ferguson-Ailsa Limited to Clyde Blowers Capital.

The companies entered administration last month after failing to secure new vessel contracts from its customer base.

Blair Nimmo and Tony Friar of KPMG were appointed as joint administrators of the companies on 14 August 2014.

Nimmo, head of restructuring at KPMG in Scotland, 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.”

Jim McColl, chairman and CEO of Clyde Blowers Capital, said: “Having completed the deal, we will be naming the company Ferguson Marine Engineering Ltd.

“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.”

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