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KPMG announces sale of Ferguson Shipbuilders Limited

9th September 2014

Blair Nimmo and Tony Friar of KPMG LLP, who were appointed as Joint Administrators of Ferguson Shipbuilders Limited, Newark Joiners Limited and Ferguson-Ailsa Limited (“the Group”) on 14th August 2014, today (9th September 2014) announce the sale of the group’s business and its assets to CBC Marine Engineering Ltd.

CBC Marine Engineering Ltd is a new business formed by, and part of, Clyde Blowers Capital.

Blair Nimmo, Joint Administrator and Head of Restructuring at KPMG in Scotland, said:

“It is extremely pleasing to secure the sale of Ferguson Shipbuilders in such a short timeframe and to buyers who can see the potential in the business and its skilled workforce. 

“We would like to thank those employees, and all parties with an interest in Ferguson Shipbuilders, including various government agencies, for their patience and support during this period.

“We would also like to wish CBC Marine Engineering every success for the future. As new owners they have an ambitious vision to build on its heritage and grow a successful shipbuilding business on the Clyde.”

Jim McColl, Chairman and CEO of Clyde Blowers Capital said:

"We are pleased to have completed the purchase of Ferguson’s and are excited by its potential to grow into a leading marine engineering business. Having completed the deal, we will be changing the name of CBC Marine Engineering to Ferguson Marine Engineering Ltd.  Work is now well underway to develop a plan to rebuild Ferguson’s, and we look forward to working with the key stakeholders in that rebuilding process.”