2:17pm Monday 3rd March 2014
Pembroke Dock-based boat building and ship repair facility Mustang Marine has gone into administration with 66 job losses.
Two partners from Grant Thornton’s advisory team were today appointed administrators. Alistair Wardell, head of Grant Thornton's Wales office, will lead the administration.
Staff at Mustang Marine (Wales) were officially told of the administration today (Monday) at the company’s headquarters in Pembroke Dock.
Forty-eight employees have been kept on while the search for a buyer gets underway.
Another 66 staff, who were advised last Friday not to turn up for work this morning, will be formally made redundant, but the administrators have said they are confident there is a future for the business.
Mustang Marine is currently working on a number of projects, including the building of a £3m catamaran to service the offshore wind farm market, the Wales Tidal energy test site at St David’s and running the Milford Haven Dry Dock facility, and all these projects will continue while the search goes on for a new owner.
Lead administrator Alistair Wardell said: “While this is clearly not good news for the 66 people we have been forced to let go this morning, we have been able to ensure that almost half the skilled workforce will continue at work at Mustang Marine in at least the short term.
“We have received a lot of interest in all parts of the business already and negotiations with those interested parties will continue over the next couple of weeks with the aim of securing a buyer and new owner as quickly as possible.
“In the meantime, a number of parts of the existing business will carry on trading and working on some very exciting projects, which are already underway, thanks to some highly supportive customers.
“We are hopeful of being able to achieve a sale of the Mustang Marine in the very near future.”
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.
Last week, Mustang Marine interim managing director Stewart Graves said directors were looking for other funding to secure the company’s future after the third party’s offer was withdrawn.
Only last November economy minister Edwina Hart opened Mustang Marine’s new £1.5m boat building construction hall at Pembroke Port.
Founded in Fishguard in 1984, the business has been based at Pembroke Dock since 1997 where it has been building and supplying boats for commercial use, including pilot boats, wind farm support vessels, workboats and passenger vessels to customers across the world.
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