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Harland and Wolff: Administrators appointed to shipyard firm | Harland and Wolff: Administrators appointed to shipyard firm |
(32 minutes later) | |
Accountancy firm BDO has been appointed administrators to Harland and Wolff, a spokesman for the Belfast shipyard has said. | Accountancy firm BDO has been appointed administrators to Harland and Wolff, a spokesman for the Belfast shipyard has said. |
The company will file for insolvency on Tuesday at the High Court in Belfast. | The company will file for insolvency on Tuesday at the High Court in Belfast. |
The move puts 120 jobs at risk and could spell the end of the iconic firm, best known for building the Titanic. | The move puts 120 jobs at risk and could spell the end of the iconic firm, best known for building the Titanic. |
Union sources said staff were given redundancy notices saying the business will cease trading on Monday evening. | Union sources said staff were given redundancy notices saying the business will cease trading on Monday evening. |
A week ago, workers said they had taken control of the site and established a rota to ensure their protest continued around the clock. | |
After the administrators were appointed on Monday, workers said their protest would continue. | |
At a press conference, trade unionists representing staff warned they will stand against the DUP in a forthcoming general election if the party does not do more to support workers. | |
Harland and Wolff's best known vessel is the Titanic, which was built at the yard between 1909 and 1911. | Harland and Wolff's best known vessel is the Titanic, which was built at the yard between 1909 and 1911. |
At its height, Harland and Wolff employed more than 30,000 people. | At its height, Harland and Wolff employed more than 30,000 people. |
The firm had been up for sale amid serious financial problems at its Norwegian owner. | The firm had been up for sale amid serious financial problems at its Norwegian owner. |
Unions representing workers have called for the shipyard to be nationalised, arguing that it would be cheaper for the government to keep the shipyard open. | Unions representing workers have called for the shipyard to be nationalised, arguing that it would be cheaper for the government to keep the shipyard open. |
However, the government has said the crisis is "ultimately a commercial issue". | However, the government has said the crisis is "ultimately a commercial issue". |
'No order book' | 'No order book' |
East Belfast MP Gavin Robinson, from the DUP, said officials had advised against government intervention. | East Belfast MP Gavin Robinson, from the DUP, said officials had advised against government intervention. |
"We've pulled all the political levers that we can," he told the BBC's Good Morning Ulster programme. | "We've pulled all the political levers that we can," he told the BBC's Good Morning Ulster programme. |
The MP said Harland and Wolff had asked the government for shortfall funding of £650,000, which would have given the company "breathing space" for the month of August "so that they could explore other options". | The MP said Harland and Wolff had asked the government for shortfall funding of £650,000, which would have given the company "breathing space" for the month of August "so that they could explore other options". |
But he added: "The official advice is that it cannot be done for three reasons: there is no order book at present so the money would be going in with no generation of product or profit; and there was no ability to secure the loans or pay them back; and it would also conflict with state aid rules." | But he added: "The official advice is that it cannot be done for three reasons: there is no order book at present so the money would be going in with no generation of product or profit; and there was no ability to secure the loans or pay them back; and it would also conflict with state aid rules." |
Shadow Chancellor John McDonnell said Labour would have nationalised the shipyard and he accused the government of betraying the workers. | Shadow Chancellor John McDonnell said Labour would have nationalised the shipyard and he accused the government of betraying the workers. |
Mr McDonnell, who visited Harland and Wolff staff in Belfast on Monday, said the shipyard has the potential for future work, | Mr McDonnell, who visited Harland and Wolff staff in Belfast on Monday, said the shipyard has the potential for future work, |
He said he saw no reason why naval ships could not be built in Belfast in the future, in order to maintain the skills and capacity at Harland and Wolff. | He said he saw no reason why naval ships could not be built in Belfast in the future, in order to maintain the skills and capacity at Harland and Wolff. |
Warships | |
The Irish Congress of Trade Unions (ICTU) said the shipyard "should be returned to the people". | |
"The entire trade union movement across these islands stands as one with the workers at the shipyard," said ICTU assistant general secretary, Owen Reidy. | |
The shipyard was founded in 1861 by Yorkshireman Edward Harland and a German, Gustav Wolff. | The shipyard was founded in 1861 by Yorkshireman Edward Harland and a German, Gustav Wolff. |
By the early 20th Century, it was the world's most prolific builder of ocean liners. | By the early 20th Century, it was the world's most prolific builder of ocean liners. |
It was one of Northern Ireland's key industrial assets during World War Two, producing 140 warships, 123 merchant ships and more than 500 tanks. | It was one of Northern Ireland's key industrial assets during World War Two, producing 140 warships, 123 merchant ships and more than 500 tanks. |
Its workforce reached a peak in the post-war years when it employed about 35,000 people. | Its workforce reached a peak in the post-war years when it employed about 35,000 people. |
By the late 1950s, the yard was facing increased global competition and the impact of the rise of air travel. | By the late 1950s, the yard was facing increased global competition and the impact of the rise of air travel. |
The launch of the Canberra in 1960 marked the last cruise liner to be built in Belfast. | The launch of the Canberra in 1960 marked the last cruise liner to be built in Belfast. |
By the mid-1960s the business was in serious decline. | By the mid-1960s the business was in serious decline. |
At one stage in 1966, the management went to the old Stormont government and pleaded for a subsidy because it did not have enough money to cover the next pay day. | At one stage in 1966, the management went to the old Stormont government and pleaded for a subsidy because it did not have enough money to cover the next pay day. |
That was the start of more than 30 years of subsidies, during which about £1bn of taxpayers' money was pumped into Harland and Wolff to keep it afloat. | That was the start of more than 30 years of subsidies, during which about £1bn of taxpayers' money was pumped into Harland and Wolff to keep it afloat. |
The firm was nationalised in 1975 with the Northern Ireland Office minister, Stan Orme, describing the business as having "a sorry financial record". | The firm was nationalised in 1975 with the Northern Ireland Office minister, Stan Orme, describing the business as having "a sorry financial record". |
By that stage it was still employing about 10,000 people. | By that stage it was still employing about 10,000 people. |
It returned to private ownership in 1989 through a management-employee buyout, backed by the Norwegian industrialist Fred Olsen. | It returned to private ownership in 1989 through a management-employee buyout, backed by the Norwegian industrialist Fred Olsen. |
It increasingly focused on the oil and gas sectors, but struggled to compete against major shipbuilders in east Asia. | It increasingly focused on the oil and gas sectors, but struggled to compete against major shipbuilders in east Asia. |
The yard built its last ship in 2003 - a Ministry of Defence ferry called the Anvil Point. | The yard built its last ship in 2003 - a Ministry of Defence ferry called the Anvil Point. |
Since then, it has worked on other areas of marine engineering such as oil rig refurbishment and offshore wind turbines. | Since then, it has worked on other areas of marine engineering such as oil rig refurbishment and offshore wind turbines. |