Blair Nimmo and Tony Friar of KPMG LLP, who were appointed as Joint Administrators of Ferguson Shipbuilders Limited, Newark Joiners Limited and Ferguson-Ailsa Limited (“the Group”) on 14th August 2014, today (22nd August 2014) announce an update on the bids received for the group and its assets.
Following the closing date for offers, which was set at 5pm on 21st August, the Joint Administrators can confirm that four bids were received. The Joint Administrators are not in a position to disclose identities of the four bidding parties.
The Joint Administrators will now assess and clarify the terms of each bid with a view to hopefully selecting a preferred bidder in the early part of next week. All efforts are being made to conclude a sale of the group and its assets as quickly as possible and a further announcement will be made imminently.
Blair Nimmo, Joint Administrator and Head of Restructuring for KPMG in Scotland, said: “The level of interest and support shown for the future of Ferguson Shipbuilders provides us with the confidence that a sale could be achieved which will hopefully lead to work restarting in Port Glasgow in the short term.
“We would like to thank employees and bidders for their patience while we continue the important task of assessing the received bids.”
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Notes to editors
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.