Connect with us
Advertisement
Advertisement

News

Mustang deal saves 30 jobs

Published

on

mustang

TROUBLED Mustang Marine has been bought out of administration by a consortium of investors, securing thirty jobs it was announced yesterday. 

The value of the deal has not been disclosed. A consortium of nine individuals led by Stewart Graves has bought the company, which is based at Pembroke Dock. Mr Graves is the interim managing director put in place to run the company late last year by the Milford Haven Port Authority. A new construction hall at Mustang Marine?s base in Pembroke Dock was only opened by Welsh Economy Minister Edwina Hart in November 2013. In February, Mr Graves denied there were any plans to call in administrators when reports suggested the firm was in financial difficulty, describing the firm as being ‘tight for cash’. Later the same month the Herald was able to report that local businesses had been left owed hundreds of thousands of pounds. Mustang has had millions of pounds in funding from the Milford Haven Port Authority and a cash injection from the Welsh government. After calling in the administrators, Mr Graves revealed that the company had a significant cash shortage in December 2013 which left it facing closure. He said with assistance from a new management team and external advisers a long-term funding package was secured in February from the Welsh government and Milford Haven Port Authority and an external third party. However, after completing its review of the business, the external party withdrew its offer, and ?without that party the long-term funding package could not proceed?. The Pembroke Dock-based boat building and ship repair company officially entered administration at the beginning of March with the loss of 66 jobs. Questions were raised to Welsh Government in Cardiff regarding the Port Authority’s responsibilities to local firms and in March, Alec Don, Chief Executive of the Port Authority told The Herald: “The Port of Milford Haven is a 50% shareholder and remains a separate corporate entity to Mustang Marine. The Port is not liable for Mustang’s debts. Any specific questions about that business, including queries about creditors, must be directed to the administrators Grant Thornton.” “As a Trust Port we continually look to invest in growth and economic activity in the Port. On this basis, and in good faith, the Port of Milford Haven invested in Mustang Marine. The company approached us with a firm business plan and orders that required our support and investment to achieve.” However, in an interview at the time of Mustang Marine’s collapse, local MP Simon Hart said: “The fact that Pembrokeshire companies are owed hundreds of thousands of pounds seems to have been glossed over. The Port Authority cannot talk about growth and activity on the one hand and then refuse to even consider the plight of local people left out of pocket on the other. These people undertook work for Mustang as they felt comfortable that the company was part of a larger trading operation of which the Port was a central part.” It has now emerged that HSBC Bank and former Mustang Director Huw Lewis will be receive around £270,000 and £296,000 as secured creditors of the firm, while former employees can expect a share of around £105,000 as preferential creditors. Those figures leave under £950,000 to be distributed to creditors owed more than £3.1m. According to its most recent set of publicly available accounts, the company had a £6m turnover in the year ending 31 August 2012. But turnover subsequently jumped to £9m following Mustang Marine’s £500,000 acquisition of Milford Haven Ship Repair from the MHPA. But the company also saw pretax profits of £847,817 in 2010/11 turn into pre-tax losses of £516,618 in 2011/12. Management accounts for the year to 31 August 2013 show the business then racked up further losses of £602,340, which were recently revised to losses of £1.1m. In a newly published statement of administrator’s proposals, dated 22 April 2014, Grant Thornton examined the dramatic turnaround. It reported that the directors attributed the losses to the company’s failure to hit predicted margins on new-build projects such as Supacat 1, disruption and delays on other contracts caused by delays on Supacat 1, ?375,000 spent on refurbishing its Pembroke Dock office, and a lack of robust business procedures. Grant Thornton were appointed administrators to the boat manufacturer in March this year. Alistair Wardell and Nigel Morris of the business advisory firm’s Cardiff office have now confirmed a sale of the boat-building and marine services arms. Immediately after entering administration, Mustang Marine made 66 staff redundant, with 48 kept on to continue work on a number of projects. The future of 30 of these employees has been secured by the sale, while a further deal for the dry dock part of the business that administrators expect to complete later this week looks set to save another ten jobs. The existing projects that the 30 staff will work on include building a Tidal Energy Turbine that will be installed in Ramsey Sound later this year. Lead administrator and head of Grant Thornton in Wales Mr Wardell, said: “We are delighted to have been able to conclude a deal for the boat building and marine services parts of the Mustang business. This is very good news for the 30 skilled employees who ave remained working for the company through the administration process. Their jobs are now secure, and the new owners are confident that the business will now grow with the aim of taking on further employees in the near future.” Administrators have said that the workers will be retained to work on projects including a tidal energy turbine. Grant Thornton said talks with ‘an interested buyer’ for the facility are continuing.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

News

Tragedy above Milford Haven takeaway

Published

on

DYFED POWYS POLICE has confirmed that a 20-year-old male passed away in Milford Haven last Saturday, April 17.

Police were called to the USA Fried Chicken store on Charles Street at around 1:30pm but have said there are no suspicious circumstances.

A Herald reporter was at the scene and witnessed a number of police cars and an ambulance while plain-clothed officers were also seen.

HM Coroner has been informed.

A Welsh Ambulance Service spokesperson added: “We were called to Charles Street in Milford Haven on Saturday 17 April at approximately 1.34pm to reports of a medical emergency. We attended the scene with one emergency ambulance where we assisted colleagues from the police.”

Continue Reading

Health

Tavernspite School the ‘healthiest of schools despite the pandemic’

Published

on

THE STAFF, governors, parents, and of course, the children of Tavernspite Community Primary School are delighted to gain the Welsh Network of Healthy School Schemes National Quality Award for an incredible 5th time after a recent and very rigorous assessment.

The school is already well known and highly regarded for its outstanding work in developing the health and wellbeing of all members of its school community. To achieve this prestigious recognition in the midst of a pandemic is all the more impressive. 

Health and Wellbeing at the school is led by teacher, Lauren Arthur, who has done an incredible job preparing for this re-assessment and raising the profile of the Healthy Schools scheme.

The assessor Mrs Lynne Perry, enjoyed a virtual tour and presentation by Year 3 pupils who took great pleasure in proudly showing Mrs Perry all the wonderful work the school has done to ensure its children are safe, happy with high levels of emotional and physical wellbeing.

In her report, Mrs Perry wrote, ‘Tavernspite School continues to be an outstanding health promoting school. The health promoting school ethos is evident across the whole school population and it runs seamlessly throughout everything that the school does. Tavernspite School continues to give high priority to promoting and enhancing the health and well-being of the whole school community.’

The school received fantastic support from Mrs Liz Western, Senior Public Health Officer and Lead for Healthy Schools and Pre-schools, Pembrokeshire, to whom they are very grateful.

Head teacher Kevin Phelps said, ‘We were delighted to receive this award for the fifth time, particularly considering the experiences we have all been through these past twelve months. Health and wellbeing has never been so important and we are proud to be leading the way like this.’

Continue Reading

News

Joinery learner through to Screwfix Trade Apprentice of the Year Finals

Published

on

PEMBROKESHIRE COLLEGE joinery learner, Conor Ratcliff has made it through to the final ten in this year’s Screwfix Trade Apprentice of the Year competition.

Now in its seventh year, the competition celebrates the next generation of tradespeople as they start out on their career. With over 2,500 nominations, Conor was shortlisted to the top 30 where he had to deliver a video presentation to industry-leading judges and trade body representatives. Judged on professionalism, creativity, innovation, enthusiasm and knowledge of their trade, Conor impressed the judges and is now in the final 10.  

Simon Jackson, Screwfix Customer and Digital director, commented: “Every year we are amazed by the outstanding quality of entrants and, this year, we are on the lookout for apprentices who go above and beyond to succeed within their chosen trade.

“We’ve seen how this career-boosting accolade and £10,000 prize bundle helps kickstart an apprentice’s career. I’d like to wish everyone through to this stage the best of luck!”

The prize package includes everything a future tradesperson may need to start up their own business including £5,000 of tools, a £3,000 training budget and £2,000 worth of technology. The college where they study will also receive £2,000.

Conor is thrilled to have made it through to the finals and commented: “I am extremely honoured to have made it this far in the competition and I am very excited for the final event. It would be an amazing opportunity for me, if I won this competition.

“I hope it encourages more people to consider an apprenticeship in a trade, the Carpentry and Joinery department have been incredibly supportive during my studies.”

The Final is due to take place imminently where the judges will conduct an online interview with the ten finalists before selecting and announcing their overall winner.

Continue Reading
News4 hours ago

Tragedy above Milford Haven takeaway

DYFED POWYS POLICE has confirmed that a 20-year-old male passed away in Milford Haven last Saturday, April 17. Police were...

News1 day ago

Joinery learner through to Screwfix Trade Apprentice of the Year Finals

PEMBROKESHIRE COLLEGE joinery learner, Conor Ratcliff has made it through to the final ten in this year’s Screwfix Trade Apprentice...

News1 day ago

Pembroke Dock: Trial date set in historical rape case

A 69-YEAR-OLD man, charged with nine counts of raping a girl under the age of 16 in Pembroke Dock, will...

News1 day ago

Milford Haven man admits string of sexual assaults at Crown Court

A MILFORD HAVEN man has pleaded guilty to five sexual assaults, four involving a girl under the age of 16...

Community1 day ago

Pembrokeshire RNLI crew member completes seven marathons in seven days

BYRON GREY, 21, an RNLI volunteer at Little and Broad Haven has run 186 miles across the Pembrokeshire coast, raising...

News2 days ago

Volunteers needed to stop wallies ‘harassing’ Walrus

A LOCAL marine wildlife group has issued a social media plea for people to come forward and help protect ‘Wally...

News2 days ago

Police confirm they are investigating fatal house fire in Haverfordwest

A HOUSE fire in Siskin Close, Haverfordwest last night sadly resulted in a fatality, Dyfed-Powys Police have confirmed. A spokesperson...

News3 days ago

Multi-agency response to house fire in Siskin Close, Haverfordwest

FIRE crews are attending a domestic fire in a property on Siskin Close, Haverfordwest. As of 11.45pm on Monday evening...

News3 days ago

Outdoor hospitality given go-ahead and rules on mixing outdoors relaxed in Wales

SIX people will be able to meet outdoors in Wales from Saturday 24 April while outdoor hospitality will be allowed...

News3 days ago

Police ‘enforcement and engagement’ to curb anti-social behaviour in Tenby

POLICE in Tenby will be using enforcement and engagement in a bid to curb future incidents of anti-social behaviour, they...

Popular This Week