Shipbuilder Cammell calls in receivers

The shipbuilder looked to be on the up six months ago with a record order book of £750m.

But it said on Wednesday that it had asked its bank, the Royal Bank of Scotland, to call in receivers after a series of cancelled orders sank its financial performance. In November an Italian company abruptly terminated a £50m cruise liner contract.

Earlier yesterday the day Cammell asked for trading in its shares and bonds to be suspended. Its shares had plummeted from a high of 140p to 6p – the level at which they were suspended.

Earlier in the year the shipbuilder, which is £125m in debt, had lost its chief executive John Stafford who quit after the loss of the Italian re-fitting contract blew a hole in the company?s accounts. Finance director Jon Schofield temporarily took on the role chief executive role.

Last year the company made pre-tax profits of £16m.


Stafford quits at Cammell Laird

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