A&P Birkenhead Limited and Reddington Finance Limited have reached an outline agreement for the sale and leaseback of some of A&P’s land at Birkenhead. A&P Birkenhead retains ownership of the drydocks, but some surplus land will be sold to Reddington Finance. This is a positive development, as it allows A&P to focus on their ship repair business and allows Reddington Finance to focus on developing surplus land at Birkenhead. Clive Towl, Managing Director of
A&P Birkenhead commented “2004 has been the busiest since we re-opened the yard after the receivership of Cammell Laird. We look forward to continuing to grow the business in 2005.”