Ferguson shipyard future in doubt after missing accounts deadline
Accounts were supposed to be filed to Companies House in December, but are months late.
Last updated 24th Feb 2023
Ferguson Marine shipyard in Port Glasgow is at risk of closure after missing a deadline to hand in their accounts.
The Scottish government-owned company’s annual accounts were due at the end of 2022, but have yet to be filed – although CEO, David Tydeman did assure they would be provided by the end of March.
Companies House has issued a public notice warning the firm they will have to cease trading if accounts aren’t submitted soon.
Reasons beyond directors' control
The shipyard is currently building two CalMac ferries, but they are five years behind schedule and costs have more than doubled from their original price.
In a statement to media, Mr Tydeman explained that the reasons for the delay were out of the directors’ control.
He said: “We have been assured that Ferguson Marine will not be removed from the register provided we meet the undertakings we have given on filing by the end of March.
“As I made clear earlier today, we expect the accounts to be filed by end March, following adoption and approval by the Scottish Parliament, planned for mid-March.
“The directors and management team remain fully committed to delivering the two hulls currently under construction and winning new contracts to secure the yard’s future. This short-term issue does not affect our ability to keep trading and continue the work in progress.”
Ferry build a "fiasco"
In November of last year, a Holyrood committee met to investigate the procurement of the two vessels, with Nicola Sturgeon questioned on the decision to give Ferguson Marine the contract.
The First Minister called claims that the contract was “jobs for the boys” categorically untrue, and denied information was deliberately hidden from the committee.
Scottish Conservative transport spokesperson, Graham Simpson, believes the shipyard will remain open, but was critical of the handling of the ferry build.
He said: “We know the building of these two ferries has been a fiasco from start to finish.
“I don’t think it will be closed, the accounts will go ultimately to the Scottish government for sign off and then MSPs will see them.
“At that point we’ll be able to see what the true financial position of the yard is, and I hope that we’ll get clarity on the future so we can be certain that these two ferries will be built.”
Despite the warning from Companies House, the Scottish government is still planning to fund Ferguson Marine over the coming years.
A Scottish government spokesperson said: “The filing of accounts is an operational matter for Ferguson Marine which will ensure the accounts are filed at Companies House as required.
“The Scottish Government has allocated funding for Ferguson Marine in both the 2022-23 and 2023-24 financial years as laid out in the associated Scottish Budgets.”