The Titanic shipbuilder Harland & Wolff has halted work on its annual accounts as it strives to secure a potential sale to save the business.
The Belfast-based company announced that it does not anticipate being able to finalize its 2023 accounts “on a going concern basis,” leading to the suspension of work on its unpublished accounts.
Instead, the company will concentrate its resources on efforts by Rothschild, which has been engaged to “assess strategic options” for the struggling business, with a potential sale being a probable outcome.
The London-listed company faced further difficulties earlier this month when the Falkland Islands withdrew from £120 million contract negotiations.
In conjunction with suspending its accounts, Harland & Wolff officially appointed Russell Downs, a turnaround specialist, as interim executive chairman.
Chief Executive John Wood left at the end of last month after the Government declined to provide a £200 million loan guarantee.
Mr. Downs stated, “We remain focussed on working with interested parties and key stakeholders to ensure that we can navigate through this uncertainty preserving the underlying value in the yards and the FSS contract for its employees and other stakeholders.”
