Harland & Wolff, the shipyard that built the Titanic, is set to fall into administration for the second time in only five years.
The Belfast-based company said a review had concluded that Harland & Wolff Group Holdings, its holding company, was “insolvent on a balance sheet basis”.
An administration process will be confined to the holding company, while the operational companies that run its four shipyards and its gas storage facility in Islandmagee, Co Antrim, will continue to trade.
Administrators from Teneo are likely to be appointed this week and the company’s listing on Aim, London’s junior stock market, will be cancelled, wiping out shareholders.
The company, which employs more than a thousand people, said that some “non-core” staff were being made redundant and that