30 jobs secured with sale of key part of Mustang Marine business

2:30pm Wednesday 21st May 2014

THIRTY jobs have been secured at the former Mustang Marine (Wales) Ltd after part of the business was sold by administrators last night (Tuesday).

The boat building and marine services arms of the business were sold by the joint Administrators, Alistair Wardell and Nigel Morrison of Grant Thornton UK LLP.

The Pembroke Dock-based boat building and ship repair company officially entered administration at the beginning of March with the loss of 66 jobs.

Forty-eight employees were kept on to continue on a number of the company’s projects.

The businesses have been purchased by a consortium of nine individuals led by Stewart Graves, the interim managing director put in place to run the company late last year by the Milford Haven Port Authority.

The consortium will employ the 30 existing staff to continue working on a number of ongoing projects, including the building of a Tidal Energy Turbine that will be put into service in Ramsey Sound later this year.

A £3m catamaran to service the offshore wind farm market, was completed and launched in April.

The new company is aiming to grow sales, expand the business and increase the workforce.

Boat building and ship repair facilities had continued to operate at Mustang's Pembroke Dock headquarters following the appointment of the administrators in the wake of the collapse of Mustang Marine in March this year.

The Milford Haven Dry Dock operation, which the administrators are hoping to sell to another party later this week, also continued.

Lead administrator and head of Grant Thornton in Wales Alistair Wardell, said: “We are delighted to have been able to conclude a deal for the boat building and marine services parts of the Mustang business.

“This is very good news for the 30 skilled employees who have remained working for the company through the administration process.

“Their jobs are now secure, and the new owners are confident that the business will now grow with the aim of taking on further employees in the near future.

“The administration team is continuing to talk to an interested party about taking over the dry dock facility at Milford Haven and are hopeful of being able to conclude a deal for that later this week, which will secure the jobs for another 10 employees.”

Founded in Fishguard in 1984, Mustang Marine 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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