£659 every hour sunk into defunct ferry fiasco firm
Insolvency company’s £1.3m fees over Clyde shipyard
Administrators are being paid £ 659 an hour at a defunct firm connected to the nationalised Ferguson Marine shipyard.
Insolvency giant Deloitte has run up £1.3million fees at Ferguson Marine Engineering Ltd (FMEL).
The yard was taken into public ownership two years ago when a new entity, Ferguson Marine( Port Glasgow) Ltd, was formed.
Last week, we revealed “turnaround director” Tim Hair was taking home £790,000 a year to run the facility for the Scottish Government.
He was appointed by shamed ex-finance secretary Derek Mackay when the Scottish Government took over the Clyde shipyard amid a dispute over two delayed and incomplete ferries.
At the time, ministers announced “public ownership was in the best interests of the business”.
We can reveal Deloitte is continuing to rake in astronomical fees at
FMEL. An administrators’ progress report covering the past six months and filed with Companies House states: “Our time costs for the period are £50,904, made up of 95.9 hours at an average charge-out rate of £530.97 per hour across all grades of staff.
“Since the date of our appointment to February 15, 2021, we have incurred total time costs of £1,319,274.10, made up of 1999.8 hours at an average chargeout rate of £659.70 per hour across all grades of staff.” Labour’s Jackie Baillie said: “Audit Scotland mu s t urgently undertake an inquiry into the financialncial management of Ferguson Marine.”Marine”
The Scottish Conservatives’ Graham Simpson added: “With each passing day, detai ls emerge about the astonishing spiralling costs in relation to Ferguson Marine.”
Scottish Lib Dem leader Willie Rennie said: “Picking up the pieces from the Scottish Government’s mishandling of Ferguson Marine is proving a profitable business for some.” Ross GreerGreer, of the
Scottish Greens, added: “The Government’s management of the project has been woeful.”
The new government-owned firm said: “Ferguson Marine (Port Glasgow) Ltd is wholly owned by Scottish ministers and has always been a separate company. Neither FMEL or Deloitte have played any role in the shipyard since its nationalisation on December 2, 2019.”