Peel and Cammell Laird directors buy shipyards business
PEEL Group has teamed up with directors of Cammell Laird to buy ship repair business A&P Group.
A&P operates three shipyards at Hebburn on the Tyne, in Middlesbrough and Falmouth, Cornwall.
The deal was carried out through a new vehicle, Atlantic & Peninsula Marine Services.
A&P’s current management team in the individual yards, led by group managing director Chris Bell, will remain in place with responsibility for the day-to-day running of the operations.
In a statement Atlantic & Peninsula Marine Services said it supported the management team’s “broad vision and aims including growth into new sectors such as the oil and gas and renewable energy markets”.
Cammell Laird’s managing director John Syvret will take on the same role at Atlantic. He said: “It [A&P] has significant potential for growth in its existing core markets and the emerging sectors of offshore renewable and civil nuclear energy markets. As new owners, we have a wealth of experience in the operation of ports, shipyards and engineering infrastructure and we are committed to building on the successes of A&P Group to date.”
According to most recent filed accounts for the year to December 2009 A&P made a £1.6m pre-tax profit on sales of £97.6m.
Chris Bell said: “This announcement is good news for the A&P Group and will drive our continued growth both in the short and long term. The management team is committed to ensuring that the business continues to go from strength to strength as we pursue opportunities in new sectors and continue to service our existing customers.
“We are grateful to the former shareholders who have supported and enabled us to invest in the business resulting in the strong position we find ourselves in today. We are looking forward to working with our new shareholders who share our vision in driving the business forward.”
The group recently announced new contract wins, which included the building of subsea structures for key oil and gas sector clients.
In a separate deal the freeholds of the Falmouth and Hebburn shipyards were acquired by Peel from De Facto 1693. Atlantic and Peel were advised by Dow Schofield Watts and Hill Dickinson.
