Harland & Wolff: Over 1,000 jobs saved at Titanic builder after £70m rescue deal completes
A deal to save troubled shipbuilder Harland & Wolff, which crashed into administration owing more than £160m last year, has been completed.
The acquisition, first announced in December 2024, will save over 1,000 jobs.
Spain-headquartered Navantia has acquired the business and assets of Harland & Wolff Group, which include all four operating yards in Belfast, Appledore, Methil and Arnish, for £69.9m. The deal also includes the waiving of £20m of debt.
Harland & Wolff’s Islandmagee Gas Storage project does not form part of the deal and is still up for sale.
The transaction was supported by independent advisors: Teneo, who assisted with restructuring advisory and government relations, Rothschild & Co, Bracewell LLP, and Stephenson Harwood LLP.
Harland and Wolff entered administration in September for the second time in five years.
The company, which famously built the Titanic, is a subcontractor in part of a consortium that landed a major contract to build a new fleet of solid support ships for the Royal Navy. Navantia UK is the primary contractor.
Reacting to the news that the deal has been completed, Matt Roberts, GMB national officer, said, “Workers across all four yards will breathe a sigh of relief at finally being under stable ownership.
“But at GMB we will remain cautious. Without a steady drum beat of work, these yards will continue to struggle.
“That is what we will keep fighting for – a long-term future for UK sovereign manufacturing.”
When the deal was first announced in December, Business and Trade Secretary Jonathan Reynolds said: “This deal is a major vote of confidence in the UK from Navantia, which will not only secure the future of UK shipbuilding but protect 1,000 jobs across the country and bring future investment into shipbuilding right across the UK.
“National security is the foundation of our Plan for Change – without it we can’t deliver on our milestones to raise living standards across the UK – with good skilled productive jobs.
“That is why we are steadfast in supporting the future of UK shipbuilding. This deal will guarantee our sovereign shipbuilding capability to bolster our Navy and ensure the industry can continue to deliver economic growth and boost coastal communities right across the UK.”