Can Cammell Laird Teeside Be Saved?
Struggling British shipbuilder Cammell Laird Plc, which has had to axe nearly 600 jobs after entering receivership earlier this year, has accepted an offer by one of its former executives to buy one of its yards. A spokeswoman for accountancy firm PricewaterhouseCoopers, acting as receivers for the group, said on Wednesday that contracts were being negotiated for the buyout offer for the yard at Teesside, northeast England. She declined to give financial details of the agreed deal with former Cammell Laird executive Eric Welsh, and declined to comment on whether the offer could lead to jobs being saved. "We have accepted his offer and contracts are being drawn up," she stated.
Management Buyout Proposed For Cammell Laird Yard
Cammell Laird Plc has axed another 146 jobs in the U.K., but a proposed management buyout of one of its yards held out the prospect on Wednesday of saving hundreds more. Cammell Laird, which called in the receivers in April, has announced over 600 job cuts in Britain this year after a series of cancelled orders hit its finances. A spokeswoman for accountancy firm PricewaterhouseCoopers (PwC), acting as receivers for the group, said that a management team had made an indicative offer for the Tyneside shipyard in northeast England. And PwC expects another management offer for Cammell Laird's plant at Birkenhead, northwest England, which was first established in 1824. The company has a current UK workforce of around 770.
Cammell Laird Slashes 93 More Jobs
Struggling shipbuilder Cammell Laird Plc is to cut a further 93 jobs in Britain on the back of over 500 redundancies announced earlier in the year after the group entered into receivership. A spokeswoman for accountancy firm PricewaterhouseCoopers, acting as receivers for the group, said on Wednesday that 82 jobs would go at its plant in Tyneside, northeast England. The rest of the job cuts would take place at the Birkenhead and Teesside plants in northern England. She added that the cuts had arisen since Cammell Laird had completed work on two major contracts and so no longer needed the workers. Cammell Laird, whose main yard was established in 1824, entered receivership when a series of cancelled orders hit its finances, causing it to suspend trading in its shares.
