Business

Titanic builder to collapse into administration

The iconic Belfast company that built the Titanic is to collapse into administration.

Harland & Wolff has announced it is insolvent and will appoint administrators.

An administration order will likely be made this week, it added.

Jobs are likely to be lost, the company said, but it did not detail how many.

“Workers, their families and whole communities now face their lives being thrown into chaos due to chronic failures in industrial strategy and corporate mismanagement,” the GMB union said.

It called on the government to intervene and protect the four shipbuilding yards as it said all are needed “for our future sovereign capabilities” in sectors like renewables and shipbuilding.

“The government must now act to ensure no private company is allowed to cherry pick what parts are retained, in terms of which yards or contracts they wish to save.”

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.

Articles You May Like

Crude oil set for best week since March 2023 on fears Israel will strike Iran oil industry
Tory leadership contest shows striking lack of focus on issues that cost party the election
The UK officially closes its last remaining coal power plant
NASA and South Korea to Conduct Joint Space Mission to Explore Deep Space
Toyota invests a fresh $500M in Joby Aviation to support eVTOL air taxi certification, production