PracticeConsultingStill hope for Cammell Laird buyer

Still hope for Cammell Laird buyer

Receivers at PricewaterhouseCoopers are still hoping to find a buyer for struggling shipbuilder Cammell Laird after the decision was taken to 'mothball' all its UK shipyards.

But the firm said the shipbuilder would no longer be sold as a going concern as potential bidders had been deterred by the prospect of taking on liabilities through any acquisition.

Shipyards at Tyneside and Birkenhead will be ‘closed but kept in good repair’, joining the Teeside shipyard which was mothballed earlier this year, a spokesperson told AccountancyAge.com

All three shipyards will retain a skeleton staff to carry out essential maintenance work.

The decision to close down the remaining shipyards comes as current contracts run to an end. Since going into receivership in April, Cammell Laird has cut its staff in the UK from 2,220 to just 695.

Trouble for the shipbuilder began when a number of cancelled shipbuilding orders sank the company, forcing it to call in receivers.

Links

Blue cross day for troubled Cammell Laird shipyards

Cammell Laird talks float on, says PwC

Shipbuilder Cammell calls in receivers

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