[ad_1]
The iconic Belfast company that built the Titanic is to collapse into administration.
Harland & Wolff has announced it is insolvent and will appoint administrators.
An administration order will likely be made this week, it added.
The company said between 50 and 60 jobs are to be lost immediately, most of them based in London, but staff employed at its four shipyards are not affected.
Harland and Wolff has 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 union representing most members at two of the sites said its preferred option is a single buyer with a history of shipbuilding, rather than a private equity firm looking for a short-term profit.
“Workers, their families and whole communities now face their lives being thrown into chaos due to chronic failures in industrial strategy and corporate mismanagement,” the GMB union said.
Read more business news:
Money blog: Popular UK district plotting tourist tax
Big US interest rate cut in the balance
Why Rupert Murdoch and his children are fighting in court
The union called on the government to intervene and protect the four yards, saying they are needed “for our future sovereign capabilities” in sectors including renewables and shipbuilding.
It added: “The government must now act to ensure no private company is allowed to cherry pick what parts are retained, in terms of which yards or contracts they wish to save.”
A government spokesperson said the announcement will in no way affect jobs at Harland & Wolff shipyards or core operations such as delivering Ministry of Defence contracts.
“We are continuing to work extensively with all parties to find an outcome for Harland & Wolff that delivers shipbuilding and manufacturing in Belfast, Scotland and across the rest of the UK and protects jobs,” the spokesperson added.
[ad_2]
