The Harland & Wolff shipyard in Belfast, famous for building the “Titanic”, has been facing financial difficulties for a long time.
Last Friday, the new British government denied a £200m loan, prompting managing director John Moore to resign from his post and take a leave of absence.
US investor expresses interest in Harland & Wolff
The government announced that financial support for the shipbuilding company would involve a “serious risk” of losing taxpayers’ money. Harland & Wolff could have taken out a loan with the government as security. However, if it had not been possible to repay the money, the taxpayer would have had to pay for it.
As a result of the decision, there is great uncertainty at Harland & Wolff about the company’s future. Under interim CEO Russell Down, the shipyard accelerated talks with its main lender, Riverstone Credit, to secure new financing options. According to a statement, the company is open to interested external parties. The situation is similar to the problems faced by Meyer Werft in Germany.
One potential new investor – or owner – comes from the USA: Michael Flacks, founder of the Flacks Group in Miami, has claimed to want to buy up the Belfast site, according to reports from Splash 24/7. Flacks plans to transform Harland & Wolff into a ship repair company.
The traditional Northern Irish shipyard employs around 1,500 people, mainly in Belfast. It also operates two smaller facilities in Scotland and one in England.
