20 investors line up to take control of Clyde shipyard
MORE than 20 private investors have expressed an interest in buying the threatened Ferguson Marine shipyard to save it from nationalisation – at a potential cost of more than £60 million.
The Clyde’s last surviving commercial shipyard was put into administration last month after a cash row over contracts to build two CalMac ferries.
Finance Secretary Derek Mackay struck a deal to retain the yard’s 350 jobs while a buyer is found. Administrator Deloitte is now seeking investors to take over the yard by September 13, otherwise it will be nationalised.
The Scottish Government claimed ‘public control’ would provide ‘much-needed continuity of employment’ – but sources say more than 20 private companies are interested in buying the yard in Port Glasgow, Renfrewshire.
Billionaire businessman Jim McColl saved the yard in 2014 and blames the Government – which loaned Ferguson Marine £45 million – for the yard going into administration.
He has suggested he may be interested in taking it back on.
Last night, Government insiders said a successful private bid would need to top £60 million.
The yard got into trouble financially after securing a £97 million contract in 2015 to build two CalMac ferries for government agency Caledonian Maritime Assets Limited (CMAL).
Both vessels are behind schedule and over-budget. But when the cost of the complicated design went up, CMAL refused to increase what it was willing to pay, leading to a bitter dispute with Mr McColl. He said: ‘It’s a fabulous business. It’s got a fantastic future. If a new buyer comes in, the Scottish Government is still going to have to finish the ferries. No buyer is going to pay for them.’
Mr McColl confirmed he had received a preliminary information pamphlet and would receive a fuller ‘information memo’.
A source close to Mr Mackay said: ‘Given our credit position, to make a bid for the yard it would take offers of more than £60 million.
‘It is more likely to come into the Government’s hands – but if someone puts in a better offer than ours they will get it.’
The Scottish Government said: ‘Ministers remain committed to the completion of vessels, securing jobs, and working towards finding a solution to support future shipbuilding.’