Government to loan Bifab up to £15 million

The Scottish Government is prepared to lend the troubled engineering firm Bifab up to £15 million, according to Economy Secretary Keith Brown.

The minister told MSPS that if the loan was required, it would be extended to the firm on commercial terms.

He said the offer helped unlock a financial package from Bifab’s business partners which lifted the threat of administration.

The firm employs 1,400 people at yards in Fife and Lewis.

“It was quite clear during discussions that that offer was necessary to unlock from the various partners involved the security that the contract could be seen through to a successful conclusion,” he said.

He said he believed Bifab 0 Nicola Sturgeon says Bifab will receive support was viable, and could have a “very strong future”.

Earlier, First Minister Nicola Sturgeon said there is “every reason to be optimistic” about the longer term future of Bifab. Speaking on a visit to the company’s Methil site in Fife, she said the firm had been “within minutes” of calling in administrators.