A full review of all group holdings commenced in July and has concluded that H&W Group Holdings PLC is insolvent on a balance sheet basis as per its last audited accounts and most recent management accounts.
It's important to recognise that this is very difficult news for staff and will affect many within group. We will work to support our staff through this transition.
Despite the recent challenges, the four yards have a strong capability, under new ownership and with the continuing support of their customers, to deliver UK-based ship building and leading UK-based renewables employing over 1,300 committed personnel.
Unfortunately, extremely difficult decisions have had to be taken to preserve the future of our yards.
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