The Titanic: iconic Belfast business Harland and Wolff that worked on the famous ship enters administration

• Shipbuilder Harland & Wolff is set to enter administration
• 50 - 60 redundancies are expected, but employees at the shipyards will not be affected
• The company's four shipyards (Belfast, Methil, Arnish, and Appledore) will continue trading
• This is the second administration in five years for Harland & Wolff
• The company failed to secure a £200 million loan guarantee from the Government
• Harland & Wolff is known for building the RMS Titanic, along with other significant ships and naval vessels

An iconic business that worked on Titanic has announced that it will soon enter administration.

Renowned Belfast shipbuilder Harland and Wolff said it expects to make between 50 and 60 immediate redundancies., though employees at its four shipyards will not be affected by the layoffs.

The administration process will affect only the holding company, Harland & Wolff Group Holdings PLC, while the operational companies managing the shipyards are expected to continue trading.

Harland and Wolff operates four shipyards: one in Belfast, two in Scotland (Methil on the Firth of Forth and Arnish on the Isle of Lewis) and one in England (Appledore in North Devon).

A company statement said: “A full review of all group holdings commenced in July and has concluded that H&W Group Holdings PLC is insolvent on a balance sheet basis as per its last audited accounts and most recent management accounts.”

Founded in 1861 by Edward Harland and Gustav Wilhelm Wolff, the company has a long and storied history in shipbuilding, and is perhaps most famously known for building the RMS Titanic.

In addition to the Titanic, the company built the RMS Olympic and RMS Britannic, which were among the largest and most advanced passenger ships of their time.

It has also built various naval vessels, including ships for the Royal Navy and other international clients, and in more recent years has been involved in the construction of offshore oil rigs and other industrial projects.

The company has experienced various ups and downs throughout its history, including periods of financial difficulty - this is the second time in five years that the company has been placed into administration.

The company is part of a consortium awarded a significant contract to construct new fleet solid support ships for the Royal Navy.

It had sought a £200 million loan guarantee from the Government to help restructure its finances, but in August, the Government decided not to act as a guarantor on the lending, and also ruled out offering direct funding to support the company’s liquidity.

Harland and Wolff interim executive chairman Russell Downs said the group had faced a “very challenging time” due to historic losses and a failure to secure long-term financing.

He said: “It’s important to recognise that this is very difficult news for staff and will affect many within the group. We will work to support our staff through this transition.

“The board, the senior managers and rest of the team are committed to deliver the best outcome for the four yards and communities they serve to ensure their continued operation into the long term under new ownership.

“Unfortunately, extremely difficult decisions have had to be taken to preserve the future of our yards.”

Ulster Unionist MLA Andy Allen said it is “crucial” the Government supports the shipyard in finding a new owner.

He said: “While this outcome may have seemed increasingly likely in recent months, we must find a solution that not only keeps this historic shipyard in east Belfast, but allows it to grow and thrive.

“The yard is more than just a historic landmark; it has a vital role to play in our national defence, particularly in shipbuilding and maintenance.

“Given its strategic importance to our defence infrastructure, the Government must act quickly and decisively to secure its future.

“The workforce’s skills and expertise are invaluable, not just to the yard itself but to our broader economy and defence capabilities.”

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