John Wood, the recently departed chief executive of Harland & Wolff Group Holdings PLC (AIM: HARL), has criticized the UK government for its lack of commitment to the iconic yet imperilled Belfast shipyard.
Facing insolvency, Harland & Wolff had been urging the UK government to guarantee a £200 million loan to prevent the business, which once built the ill-fated Titanic ocean liner, from entering administration.
In July, the newly elected Labour government dismissed these pleas, citing “a very substantial risk that taxpayer money would be lost.”
Since then, Harland & Wolff has lost a key port contract with the Falkland Islands government, and its London Stock Exchange listing remains suspended.
John Wood announced a leave of absence on July 19 and has since updated his LinkedIn status to ‘Gone Fishing’.
On Wednesday, Wood indirectly criticized Labour’s refusal to guarantee the potentially lifesaving loan for the company in a social media post.
He stated: “Delivering on our five-year plan agreed with the government when we acquired the Belfast facility should have unlocked funding to grow the business to the next level, as was agreed with the PM and his advisors at the time.
“Unfortunately, with changing leaders across different parties and shifting priorities, the commitment disappeared. There was no surprise, shock, or panic—everyone knew five years ago what the long-term needs of the business were.
“The hardworking team has shown what can be achieved. However, without industry support like our European neighbours receive, it is a tough ask to rebuild an industry that has been in decline for several decades.”
Wood mentioned he “will take a bit of time out before deciding on what my next challenge will be.”
