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.”
_____________________________________________________________________
Related information:
More on distressed businesses
This represents a unique opportunity to acquire a profitable assisted nursing/living facility in the serene region of Yorkshire.
FREEHOLD
This is an opportunity to acquire a well-established company valued at over a million pounds, supported by a dedicated and hardworking team.
Opportunity to acquire a well-established dental practice in a prime North West London location, ideal for expanding your portfolio or stepping into practice ownership.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.