The shipbuilder behind the Titanic is urgently seeking a rescue deal from the private sector after the Government decided against providing state funding to ensure its survival.
Harland and Wolff will not receive emergency taxpayer funds due to the risk of losing public money, according to the Business Secretary.
In a written statement to Parliament, Jonathan Reynolds acknowledged that it was a difficult decision for the Government to refuse both a bailout and the Belfast shipbuilder’s request for the Treasury to guarantee new loans.
He cautioned that such measures would “not necessarily secure our objectives and there is a very substantial risk that taxpayer money would be lost.”
Harland and Wolff, known for building the Titanic, employs around 1,500 people across four sites: Belfast, Methil on the Firth of Forth, Arnish on the Isle of Lewis, and Appledore in north Devon.
In a statement confirming the Government’s rejection of a loan guarantee, the company announced it would seek alternative debt facilities from its current lender, Riverstone Credit Management.
Additionally, Harland and Wolff stated it is engaging investment bank Rothschild & Co. to evaluate “strategic options.”
