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| Titanic shipbuilder formally enters administration | Titanic shipbuilder formally enters administration |
| (32 minutes later) | |
| The company’s executive chairman is optimistic that a new owner or owners will be found for the yards | |
| The company’s executive chairman is optimistic that a new owner or owners will be found for the yards | |
| Published27 September 2024, 15:16 BST | |
| Comments | |
| Harland and Wolff, the Belfast-based shipbuilder which built the Titanic, has formally entered administration for the second time in five years. | |
| Last week the company’s board had warned that the move was inevitable. | Last week the company’s board had warned that the move was inevitable. |
| The administration process is confined to the holding company, Harland & Wolff Group Holdings plc, with the operational companies which run the yards continuing to trade. | The administration process is confined to the holding company, Harland & Wolff Group Holdings plc, with the operational companies which run the yards continuing to trade. |
| Its main yard is in Belfast with other operation at Appledore in England and Methil and Arnish in Scotland. | Its main yard is in Belfast with other operation at Appledore in England and Methil and Arnish in Scotland. |
| 'Reduce the headcount' | |
| The company’s executive chairman, Russell Downs, is optimistic that a new owner or owners will be found for the yards. | The company’s executive chairman, Russell Downs, is optimistic that a new owner or owners will be found for the yards. |
| Gavin Park and Matt Cowlishaw of Teneo Financial Advisory have been appointed as joint administrators. | |
| The holding company currently has 66 employees. | |
| In a statement Harland and Wolff said: "The Administrators will unfortunately be required to reduce the headcount upon appointment. | |
| "A number of employees will be retained to provide certain required services to the operational companies under a transitional services agreement with the Administrators." | |
| The company has also restated that the administration process means that shareholders in Harland and Wolff will see the value of their investment wiped out. | |
| Titanic builders | |
| RMS Titanic departing Southampton on 10 April 1912 | |
| RMS Titanic departing Southampton on 10 April 1912 | |
| Famous for building the Titanic, the Belfast shipyard was founded in 1861 by Yorkshireman Edward Harland and his German business partner, Gustav Wolff. | |
| By the early 20th Century, Harland and Wolff dominated global shipbuilding and had become the most prolific builder of ocean liners in the world. | |
| Related topics | Related topics |
| Belfast | Belfast |
| Shipbuilding | Shipbuilding |
| Northern Ireland | Northern Ireland |