Shipbuilders Harland and Wolff move into administration for second time

The firm which built the Titanic have a shipyard in North Devon

Shipbuilders Harland and Wolff has officially entered administration. The Belfast-based company, which famously built the Titanic, appointed administrators this afternoon (Friday, September 27) following indications last week that this would occur.

This marks the second time in five years that the business has been placed in administration. However, the administration process will only affect the holding company, Harland & Wolff Group Holdings PLC, while the operational companies running the yards are expected to continue trading.

Last week, the company announced that between 50 and 60 immediate redundancies are anticipated, but staff employed at its four shipyards will not be affected. Harland and Wolff operates four shipyards one in Belfast, two in Scotland (Methil on the Firth of Forth and Arnish on the Isle of Lewis), and one in England (Appledore in North Devon ).

The company is part of a consortium that secured a major contract to build new fleet solid support ships for the Royal Navy. It had sought a £200 million loan guarantee from the Government as part of its financial restructuring efforts.

However, the Government decided in August not to act as a guarantor on the lending and also ruled out direct funding to maintain the company's liquidity.