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Tycoon Jim McColl completes deal for Clyde shipbuilding firm

Ferguson's shipbuilding went into administration in August.

Ferguson's Shipbuilding in Port Glasgow Inverclyde uploaded August 15 2014
© HEMEDIA / SWNS Group

The sale of Glasgow shipbuilders Ferguson's has been confirmed by administrators.

The firm has been purchased by Clyde Blowers Capital, owned by Jim McColl, which was named as the preferred bidder last month.

Mr McColl has announced the company will be renamed Ferguson Marine Engineering Ltd.

Blair Nimmo, Joint Administrator and Head of Restructuring at KPMG in Scotland, said: "It is extremely pleasing to secure the sale of Ferguson Shipbuilders in such a short timeframe and to buyers who can see the potential in the business and its skilled workforce.

"We would like to thank those employees, and all parties with an interest in Ferguson Shipbuilders, including various government agencies, for their patience and support during this period.

"We would also like to wish Clyde Blowers Capital every success for the future. As new owners they have an ambitious vision to build on its heritage and grow a successful shipbuilding and marine engineering business on the Clyde."

Jim McColl, Chairman and CEO of Clyde Blowers Capital said: "We are pleased to have completed the purchase of Ferguson’s and are excited by its potential to grow into a leading marine engineering business.

"Having completed the deal, we will be naming the company Ferguson Marine Engineering Ltd. 

"Work is now well underway to develop a plan to rebuild Ferguson’s, and we look forward to working with the key stakeholders in that rebuilding process.”

The last remaining shipyard on the lower Clyde faced closure and the loss of 80 jobs after bosses called in administrators in August.

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