House of Commons · Written Ministerial Statement
Update on Harland and Wolff
22 July 2024 · Department for Business and Trade
Proposed by Jonathan Reynolds Lab Co-op Stalybridge and Hyde
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- Minister for Industry and Regional Development provides an update on Harland and Wolff's negotiations with the Government.
- Government will engage closely with stakeholders, including trade unions and other departments.
- Riverstone Credit Management LLC proposes new financing and management changes to secure business continuity and job security.
Issue summary
The Minister for Industry and Regional Development is providing an update on the status of Harland and Wolff's negotiations with the Government and the company’s plans for securing additional funding.
Action requested
The government will continue to engage closely with stakeholders, including trade unions and other departments, while recognising the importance of Harland and Wolff's assets and workforce. The Minister also welcomes potential new financing and management changes proposed by Riverstone Credit Management LLC to ensure business continuity and job security.
Key facts
- HM Government has decided not to proceed with a UK Export Finance EDG for Harland and Wolff.
- No form of emergency liquidity funding will be provided by the government.
- Discussions with existing creditors, Riverstone Credit Management LLC, are ongoing since 19 July.
- New management is expected to take over shortly focusing on recapitalisation and sustainable finances.
- Shipbuilding supports 42,600 jobs nationwide and contributes £2.4 billion annually to the UK economy.