Chairman and directors resign from Harland & Wolff board with ‘immediate effect’

The non-executive chairman of Harland & Wolff has resigned from the beleaguered firm’s board alongside two other non-executive directors. The departures come as the shipbuilding business, which owns the yard where the Titanic was built, is beset by challenges.

Chairman Malcolm Groat, plus Sir Jonathon Band and Katya Zotova, have resigned from the board with immediate effect, the company has announced.

In recent months, Harland & Wolff has been hit by the loss of a UK government loan and a lucrative contract and only this week said it did not believe the company can finalise its 2023 accounts on a going concern basis.

Work to complete its unpublished accounts has been suspended, with resources being focused on a process with financial adviser Rothschild & Co to identify a route forward that will maximise value for stakeholders and seek to preserve Harland & Wolff's core operations at its delivery centres in Belfast, Appledore, Methil and Arnish.

Concerns have reportedly been raised by investors that these plans could include a pre-pack administration which would wipe out the value of their stakes.

Russell Downs, interim executive chairman, whose appointment was announced last month, said: "On behalf of the board, I wish to thank our outgoing non-executive directors for the time and hard work that they have put in over the years in support of the company and wish them well in their future endeavours."

Harland & Wolff's former chief executive John Wood stepped down last month.