Administrators from Teneo Financial Advisory have been formally appointed to Harland & Wolff Group Holdings, with redundancies made.

The holding company's shipyard subsidiaries are not subject to the insolvency processes and are continuing to trade.

Earlier this month, it was announced that the parent company of shipbuilder Harland & Wolff was set to move into administration.

Harland & Wolff Group Holdings had been found to be insolvent on a balance sheet basis.

placeholder image — Harland & Wolff Group Holdings is an AIM-quoted parent company for a group which specialises in shipbuilding, ship repair and marine engineering (Image credit: Harland & Wolff)

Now (27 September), Harland & Wolff Group Holdings has appointed Gavin Park and Matt Cowlishaw of Teneo Financial Advisory Ltd as joint administrators.

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Harland & Wolff Group Holdings is an AIM-quoted parent company for a group which specialises in shipbuilding, ship repair and marine engineering.

At the date of appointment, Harland & Wolff Group Holdings had 66 employees.

The administrators said they have taken steps to reduce the headcount upon appointment. A number of employees will be retained to provide certain required services to the operational companies under a transitional services agreement with the administrators.

Rothschild & Co has been engaged on 25 July 2024 to assess strategic options for Harland & Wolff Group Holdings and its subsidiaries.

In an update, Harland & Wolff Group Holdings said the Rothschild-run process remains ongoing and "further updates will be made as appropriate".

The strategic review will not result in any returns to shareholders of Harland & Wolff Group Holdings plc.

Harland & Wolff Group Holdings is a non-trading holding company and is the only entity to which administrators have been appointed.

The wider group's core operations comprise its four yards - in Belfast, Appledore, Arnish and Methil - and its interests in the Islandmagee Gas Storage project.

When the business announced it was set to enter administration, the Harland & Wolff Group Holdings board was said to be of the view that there is a "credible pathway" to continuing core operations built around a four-yard operation delivering the £1.6bn naval FSS contract it is involved with, as well as ongoing projects, and other uncontracted revenue across its sites.