Shipbuilder Harland & Wolff has been rescued by a Spanish rival in a deal that saves 1,000 jobs.
The Belfast company famed for building the Titanic plunged into administration in September for the second time in five years.
It has now been bought by Spanish state-owned business Navantia, which secured a £1.6billion contract in 2022 to build three ships for the Royal Navy with Harland & Wolff.
The Government agreed to amend that contract, which Navantia was pushing to improve.
Rescue: Shipbuilder Harland & Wolff plunged into administration in September for the second time in five years
The rescue secures 1,000 jobs at four shipyards – one in Belfast, two in Scotland and one in England.
Business Secretary Jonathan Reynolds said: ‘This is a major vote of confidence which will not only secure the future of UK shipbuilding but protect 1,000 jobs.
It will guarantee sovereign shipbuilding capability to bolster our Navy and ensure the industry can continue to deliver economic growth and boost coastal communities.’
Defence Secretary John Healey added: ‘It strengthens our sovereign capability to support Royal Navy operations worldwide.’
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
