Ferguson Shipbuilders Limited - Closing date for offers announced

Blair Nimmo and Tony Friar of KPMG LLP, who were appointed as Joint Administrators of Ferguson Shipbuilders Limited, Newark Joiners Limited and Ferguson-Ailsa Limited (“the Group”) on 14th August 2014, have today (20th August 2014) announced a closing date of 5pm on Thursday 21st August for offers for the business and assets of the Group.

Following the appointment of the Joint Administrators, significant interest has been expressed in the assets of the Group. The Joint Administrators have held initial discussions with several parties and with a view to establishing whether a quick solution can be achieved which may offer the possibility of re-commencing shipbuilding, ship repair and fabrication work on site, a closing date for offers has now been set.

Assuming offers are received, the Joint Administrators anticipate that it will take some time following the closing date to review the terms and conditions attached to offers before being able to select a preferred bidder.

Blair Nimmo, Joint Administrator and Head of Restructuring for KPMG in Scotland, said: “We have been encouraged by the level of initial interest in, and support shown for, Ferguson Shipbuilders and we sense there is a desire to see its heritage maintained. By setting an early closing date we hope to establish whether it is possible to facilitate an early sale which may lead to the resumption of shipbuilding and ship repair activity at Port Glasgow in the short term.”