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Deloitte

Deloitte3 posts
25 Sep, 2019

Administrator lists debts: Taxpayer owed £50m

Makes Statement

A “statement of affairs” produced by Deloitte, the administrator of the shipyard, show £49.7m is owed to the Scottish government – nearly £5m more than previously revealed. The Scottish government said it provided two commercial loans totalling £45m to Ferguson Marine, on which interest applies. The new figures also reveal that two partially-built CalMac ships at the centre of the firm’s collapse have been valued at £48.3m, nearly half the value of the £97m deal agreed to build the ships. Ferguson Marine went bust owning more than £73m. Further details from the document show that:

  • £15.8m is owed to finance firm HCCI
  • The Scottish government is owed £49.7m
  • A total of £3m is owed to Clyde Blowers Capital, owned by former Ferguson boss Jim McColl
  • There is an outstanding debt of £426,000 owed to HMRC
  • The 300-strong workforce is owed £164,000 in overtime, holiday pay and pension contributions
  • £1m is due to the European Commission.
  • £3.9m is owed to business creditors, including a number of local Inverclyde companies
31 Aug, 2019

Administrator: Buyers expressing interest in yard

Makes Statement

Administrators for Ferguson’s say they have held talks with several potential buyers (the exact number is not known) and are “encouraged” by the interest so far. The yard will be bought by the Scottish government if a private buyer is not found within four weeks of the date of the firm going into administration. Deloitte:

The joint administrators are undertaking a sale process and are actively engaged in discussions with a number of potentially-interested parties, however it is early in the process and therefore it is not appropriate for us to comment further at this stage. We have been encouraged by the level of interest in the yard so far but would encourage any remaining parties who may have an interest to contact us.

The Scottish government:

Ministers remain committed to the completion of vessels, securing jobs, and working towards finding a solution to support future shipbuilding at the site. Deloitte, as administrator, is currently going through the process of market testing for a private buyer. We will also start work to determine the optimal structure for the yard to ensure its long-term future. Our first priority is to establish a new delivery programme to ensure the completion of the CMAL ferry contracts.

16 Aug, 2019

Scottish government buys yard

Acquisition

The Ferguson shipyard is bought by the Scottish government. Ministers will now operate the yard under a management agreement with administrators Deloitte. The Scottish government wil buy the facility if no private buyer is found within four weeks. McColl, who could not persuade ministers to pay more than the £97m contract price for the disputed ferries, will no longer own the yard. The agreement means work on the CalMac ferries, and other contracts, can continue while efforts to find a commercial buyer get under way. Finance Secretary Mackay:

We have always been clear that we want to complete the vessels, secure jobs and give the yard a future. Public control will provide much-needed continuity of employment now and ensure the completion of the ferry contracts at the lowest possible cost to the taxpayer. It is absolutely essential that the outstanding contracts to build these two ferries are completed. [Putting the company into administration’ was not an outcome I was willing to consider.

What's this? This is an unbiased just-the-facts news timeline ('newsline') about Deloitte, created by Newslines' contributors. Help us grow it by finding and summarising news. Learn more