Mon, 18 Aug 2014 | ADMINISTRATION
Scottish company Ferguson Shipbuilders has gone into administration with a sale of the business being sought.
KPMG were appointed as the administrators of the Port Glasgow-based business on Friday 15 August. The professional services firm said that the business had gone bust due to a lack of orders and mounting cash flow pressure.
Ferguson was the last remaining shipbuilding company on the lower Clyde. Seventy-seven jobs have been lost as a result of the closure, with administrators saying that they are assessing all available options to complete the group's remaining work in progress and whether an early sale of its business, infrastructure and assets can be secured.
Formed in 1902, the company is best known for its shipbuilding capability. However, the yard is also known for engineering and joinery, materials handling, fluids distributions, system hydraulics, power distribution and management and civil engineering. Recent attempts to find investment into the business proved unsuccessful and when fund ran out the managers had to call in the administrators.
Blair Nimmo, joint administrator and head of restructuring for KPMG in Scotland, commented: "Ferguson Shipbuilders is a leading name in the industry with a rich heritage dating back more than 110 years and is the last commercial shipbuilder operating on the River Clyde.
"The group's infrastructure and unique offering has earned it global success in recent years, principally from the building of two 'world first' diesel hybrid ferries. However, a lack of significant orders and mounting cash flow pressure has led to the group's inability to continue trading.”
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