Cut-price acquisition

Two BiFab yards in Harland & Wolff deal

Harland & Wolff is extending its UK footprint

Two of the three BiFab yards have been acquired by Infrastrata which owns the Belfast ship repair and offshore construction company Harland & Wolff and the Devon yard Appledore.

An £850,000 deal has been struck for the Methil and Arnish yards, but not the Burntisland facility.

The new owner will take on 29 remaining employees.

BiFab went into administration after failing to pick up work on a new offshore facility and despite receiving £52 million of Scottish government support which will now come under further scrutiny.

The new owner is paying £650,000 in cash for the assets with a further deferred consideration of up to £200,000 in cash, subject to achievement of future revenues targets.

These Scottish facilities will trade under the Harland & Wolff brand and will help the company deliver on its existing strategy for a UK-wide footprint quicker than it would have done with only its two existing sites

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