SCOTTISH engineering tycoon Jim McColl has completed his purchase of the collapsed Ferguson shipyard at Port Glasgow, and will set out his plans for its revival today.
Blair Nimmo and Tony Friar of KPMG, who were appointed as joint administrators of Ferguson Shipbuilders, Newark Joiners and Ferguson-Ailsa on August 14, announced the sale of the group's business and assets to Mr McColl's Clyde Blowers Capital last night. The Herald revealed last month that Mr McColl had submitted a bid for Ferguson.
After winning preferred bidder status on August 25, Mr McColl said he anticipated building a workforce of between 100 and 120 within 12 to 18 months, raising this to 300 and possibly beyond within three years.
While he is hoping for a ferry order soon, he has also underlined his aim of winning more work for the yard from the oil and gas and renewable energy sectors.
Mr McColl, executive chairman of Clyde Blowers Capital, will detail his plans for the business, which will be named Ferguson Marine Engineering, at the yard today.
He said last night: "Work is now well under way to develop a plan to rebuild Ferguson's, and we look forward to working with the key stakeholders in that rebuilding process."
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