Harland and Wolff Group Holdings - Administration

Harland and Wolff Group Holdings, the Belfast-based shipbuilder that is best known for building the Titanic, has formally collapsed into administration after weeks of speculation, marking the second administration for the company in five years.

The company, which employs about 60 people, has its main yard in Belfast with other operations in England and Scotland.

Gavin Park and Matt Cowlishaw of Teneo were appointed joint administrators due in part to mounting financial losses caused by a scale up of operations. The company said the administrators would unfortunately be required to reduce headcount.

Only the holding company is in administration, while the operational companies which run the yards continue to trade.

Riverstone Credit Management and certain connected entities have registered charges against the company.