Titanic builder Harland & Wolff appoints administrators, to cut jobs (updated)

Harland & Wolff group

27/09/2024 15:49

(Recasts paragraph 1, adds details throughout)
       Sept 27 (Reuters) - British shipbuilder Harland & Wolff
 HARL.L  said on Friday it had appointed administrators and that
would lead to job losses, as the company best known for building
the Titanic struggled to get funding.
    The company, which currently employs 66 staff, said the
administrators would be required to cut an unspecified number of
jobs, although it would retain "a number" of employees for
certain required services.
    The Belfast-based shipbuilder, which narrowly avoided
closure in 2019, said its subsidiaries in Belfast, Scotland and
Appledore, England, were not subject to the insolvency processes
and were continuing to trade under the control of their
directors.
    In July, the UK government declined the company's request
for a credit facility of 200 million pounds ($268.32 million).
The company's CEO was sent on immediate leave in the same month,
and the finance chief stepped down in September.
    
($1 = 0.7454 pounds)

 (Reporting by DhanushVignesh Babu in Bengaluru; Editing by
Devika Syamnath)
 ((DhanushVignesh.Babu@thomsonreuters.com;))