Report this comment
  • "sadly Malcolm I have to agree with you my thoughts exactly. A very sad day though and very sorry for all the businesses who are owed money too..a bad day for Pembs if this goes, sorry for all the workers and families but its a sign of the times and an indication of the hard times and economic stagnation here in West Wales not helped by lack of commitment by the Welsh Government who are only interested in Cardiff and neighbouring counties."
  • This field is mandatory
  • This field is mandatory
  • Please note we will not accept reports with HTML tags or URLs in them.


  • Enter the above word in the box below

UPDATED: More than 100 jobs at risk as Mustang Marine faces administration

Edwina Hart opens the £1.5m Mustand Marine boat building construction hall in November. PICTURE: Martin Cavaney.

Edwina Hart opens the £1.5m Mustand Marine boat building construction hall in November. PICTURE: Martin Cavaney.

First published in News
Last updated

MORE than 100 jobs could be at risk after Mustang Marine – a Pembroke Dock-based boat building and ship repair facility - announced it could enter administration later this week or early next week.

The company, which was facing closure before Christmas, has been in difficulties since November when directors reported significant losses to its shareholders.

It was hoped that a rescue package, involving the Welsh Government, Milford Haven Port Authority and “an external third party”, would ensure the company’s long-term future.

But directors are now looking for other funding after the third party’s offer was withdrawn. An announcement was made to staff yesterday (Wednesday).

Mustang Marine interim managing director Stewart Graves said: “Unfortunately last week, after completing its review of the business, the external party withdrew its offer and without that party the long-term funding package could not proceed.

“The directors over the past few days have, with their professional advisers, sought other funding and are still trying to find a rescue package to secure the future of the business.

“It’s possible the company will go into administration later this week or early next week if a rescue package cannot be found.”

Mr Graves confirmed the company is “currently taking professional advice from Grant Thornton.”

Only last November economy minister Edwina Hart opened Mustang Marine’s new £1.5m boat building construction hall at Pembroke Port.

Port of Milford Haven chief executive Alec Don said the port, which is a trust port and a 50% shareholder in Mustang Marine, was “deeply concerned” and would continue to work towards a solution with the company and other stakeholders.

He added: “We understand this situation is causing anxiety for the staff at Mustang. We need to remain positive that Mustang Marine will find a way through current challenges and that it will come out of this as a reinvigorated business with a sound plan.”

Preseli Pembrokeshire MP Stephen Crabb said he was “bitterly disappointed”. He added: “The failure of Welsh Minsters and the Port to reach agreement has huge ramifications for Mustang as a business, the workers and their families and those local Pembrokeshire companies who are still owed large sums of money by Mustang.

“The Port Authority invested in Mustang with a fanfare two years ago providing the strength of its reputation and balance sheet to boost the ship builder. It is galling that local companies could be left with huge unpaid debts because this investment has now turned sour.”

Mr Crabb said the port has an obligation to see that all small Pembrokeshire businesses owed money by Mustang Marine are repaid.

A Welsh Government spokesman said: “The Welsh Government will continue to work with the company and third parties to seek to secure the long term viability of the company.”

Comments (6)

Please log in to enable comment sorting

Comments are closed on this article.

Send us your news, pictures and videos

Most read stories

Local Info

Enter your postcode, town or place name

About cookies

We want you to enjoy your visit to our website. That's why we use cookies to enhance your experience. By staying on our website you agree to our use of cookies. Find out more about the cookies we use.

I agree