McColl: SNP confiscated my shipyard

‘They might put off potential buyers’

THE businessman who saved the last commercial shipyard on the Clyde has said he is ‘absolutely furious’ over the Scottish Government’s handling of its collapse.

The Ferguson Marine yard in Port Glasgow was taken into public hands last week.

Yesterday, billionaire Jim McColl, whose firm Clyde Blowers Capital is its largest shareholder, claimed the site was ‘effectively expropriated’ in a move that could deter investors.

On Friday, Finance Secretary Derek Mackay announced that Ferguson Marine was being taken over to secure its future.

The move came after a £97million contract to build two CalMac ferries stalled because of a dispute between site operator Ferguson Marine Engineering Limited (FMEL) and Caledonian Maritime Assets Limited (CMAL) – a Scottish Government quango responsible for ferries and harbours – over who pays extra costs associated with the project.

However, Mr McColl yesterday accused Nicola Sturgeon of failing to act during the past two years to resolve the contract dispute and said Mr Mackay had created a ‘circus’ when he stepped in on Friday.

The businessman, who rescued the shipyard in 2014 and is also an economic adviser to the Scottish Government, told the Financial Times: ‘I think it is appalling the way they have acted.

‘There’s no turnaround needed, there’s cash needed.

‘There is a real danger they might put off potential buyers. This is a very attractive asset.

‘It just feels wrong to have it effectively expropriated from you, when all we want is a fair price.’

Mr Mackay responded to Mr McColl’s comments yesterday, saying: ‘I’ve got a very clear objective here: complete the vessels under construction – we need the two vessels for the CalMac fleet – save the jobs and give the yard a future, and that’s all that I’m focused on.’