Blair Nimmo and Tony Friar of KPMG LLP, were appointed as Joint Administrators of Ferguson Shipbuilders Limited, Newark Joiners Limited and Ferguson-Ailsa Limited ('the Group') on 14 August 2014 at the request of the companies.
Newark Joiners Limited (in administration) Ferguson-Ailsa Limited (in administration) Blair Nimmo and Tony Friar of KPMG LLP, were appointed as Joint Administrators of Ferguson Shipbuilders Limited, Newark Joiners Limited and Ferguson-Ailsa Limited (“the Group”) on 14 August 2014 at the request of the companies.
Originally formed in 1902, Ferguson Shipbuilders is a well-known commercial shipbuilder operating on the River Clyde. The Group traded from the Newark Works in Port Glasgow, where it employed 77 staff at the time of the Administration appointments.
Whilst best known for its shipbuilding capability, the Group is also known for engineering and joinery, delivering tailored solutions to support applications in materials handling, fluids distributions, system hydraulics, power distribution and management and civil engineering.
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.
Regrettably, the Joint Administrators had no option other than to make 70 Group employees redundant with immediate effect. The Joint Administrators 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.
Blair Nimmo, Joint Administrator and Head of Restructuring for KPMG in Scotland said: “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.
“We would like to thank staff for their co-operation during this difficult period. We will be working with employees and the relevant Government agencies to ensure that the full range of support is available to all those affected.
“We would encourage any party who has an interest in acquiring the Group’s business and facilities to contact us as soon as possible.” Anyone with an interest in buying the business and assets of the Group should contact Tony Friar on 0141 226 5511 or in writing at:
191 West George StreetGlasgow
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Notes to editors
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 155 countries and have 174,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.