Historic shipbuilders Harland & Wolff, operating in Belfast since 1861, have filed for Administration with losses of almost £160m listed for the holding company so far and an onward cascade of negative impact likely to affect all elements of the Group businesses.
Difficult times are not new for the Titanic creators who were brought out of Administration previously in 2019 and have continued to struggle since, seeking supportive finance without success from sources including the previous UK Government.
This Administration will be a huge blow for the Harland & Wolff 1000-strong employee base, especially in light of winning part of a £1.6bn Royal Navy consortium contract in 2023 that promised an additional 900 jobs for the Belfast yard.
Benjamin Sims, Managing Director at Tech City Labs, said:
"This kind of announcement is not just financially significant but also highlights the community cost of businesses failing. Our Infolink suite of products ensures our clients receive important results as soon as they happen, and identify vulnerabilities further on into the affected supplier ecosystem."
Be the first to know about vital Administration information like this one with Tech City Labs' Infolink Suite: https://lnkd.in/eJ7NuTnn
Building Code Consultant at SenezCo
4wThanks for being an amazing colleague and mentor over the years, Geoff! All the best to you in your retirement!