Harland & Wolff Nears Administration

This is a Britain news story, published by Telegraph, that relates primarily to Jonathan Reynolds news.

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Telegraph

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Fears Navy ships could be built in Spain as Belfast shipyard heads for administration

Summary

Nutrition label

65% Informative

Harland & Wolff is understood to be preparing to file for administration as early as Monday .

Head office workers and directors at the company fear they may lose their jobs immediately.

It has triggered fears that the troubled business will be unable to complete its part of a major contract to build three fleet solid support (FSS) ships for the Navy .

The vessels will support Britain 's two aircraft carriers when they are deployed around the world.

Business Secretary Jonathan Reynolds declined in July to support a 200 m refinancing of the company with taxpayer cash.

The move came amid concerns there was a “very substantial risk” it would be lost.

In a separate development, Harland & Wolff revealed last week that it was investigating the potential “misapplication” of 25 m of corporate funds under previous management.

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formal

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English

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not offensive

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not hateful