OVER 100 jobs are at risk after Mustang Marine, the Pembroke Dock-based boat building facility, announced it could enter administration within days.

The plight of the troubled company was exclusively revealed in The Pembrokeshire Herald’s February 7 edition. It had been hoped that a cash inection involving the Welsh Government, Milford Haven Port Authority and a third party would keep Mustang afloat.

Managing Director Stewart Graves said:

“Unfortunately last week, 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 directors over the past few days have, with their professional advisers, sought other funding and are still trying to find a rescue package to secure the future of the business.

“It’s possible the company will go into administration later this week or early next week if a rescue package cannot be found.”

Mustang is currently taking professional advice from Grant Thornton, the international accountancy firm.Earlier this month Stewart Graves admitted that the business was growing extremely quickly and was therefore “tight for cash”.

He told the Herald on February 10: “There are no plans as we speak to call in the administrators to Mustang Marine Wales. “Our company is productively employing a hundred people and we have a pipeline of work to continue beyond the middle of the year.’

When asked at the time if the company was considering calling in the receivers, Mr Graves simply said: “No comment.”

In November the Herald reported on Economy Minister Edwina Hart opening a new construction hall at Mustang Marine as part of a planning expansion of the company. Mr Graves took over from Mr Kevin Lewis as managing Insolvency rumours denied director recently.

Chief Executive of the Port of Milford Haven, Alec Don told The Pembrokeshire Herald a few weeks ago:

“We are aware Mustang Marine is facing challenges as it undertakes two projects that are bigger than anything it has done before. We know these challenges have put some strain on their cash flow and appreciate this is concerning for local businesses. Mustang Marine is an important player in the local economy and we have been working hard with Mustang and with the Welsh Government to see the company through these challenges. It is important to point out that Mustang has a healthy order book and its customers are very impressed with its products. “

It now seems that the future is beak for the beleagured firm, who reportedly owe local businesses hundreds of thousands of pounds.

The Leader of Pembrokeshire County Council, Councillor Jamie Adams, said:

“This is a sad day for the employees of Mustang Marine and their families who now have to go through some days of uncertainty. I have the utmost sympathy for them.

“It was only a few months ago, in November, that the prospects for the company seemed so rosy with the Economy Minister Edwina Hart travelling to Pembroke Dock to open Mustang Marine’s new £1.5 million boat building construction hall.

“It was hailed as a new dawn for boat building in the town and I hope that a rescue package can still be put together even at this late hour.”

Councillor Adams said that the County Council’s Futureworks and Workdays teams would be contacting the company to arrange to meet staff and help them to find alternative employment should the company fail in the next few days.

Practical help which can be given includes identifying any future training needs which could assist in securing work or advice on compiling CVs.

Councillor Adams added: “We will be working in close collaboration with other agencies such as Jobcentre Plus to offer as much support as we can.”

Alec Don told The Pembrokeshire Herald yesterday:

“We are deeply concerned by news of a potential appointment of an Administrator to the business of Mustang Marine (Wales) Limited. As a 50% shareholder in the business, we have been and will continue to be working with the company and other stakeholders to see if a solution can be found that ensures this business can continue to operate. “An external third party did have a fully agreed package of support from the Welsh Government and the Port and it is disappointing that the third party decided not to proceed.

“We understand this situation is causing anxiety for the staff at Mustang. We need to remain positive that Mustang Marine will find a way through current challenges and that it will come out of this as a reinvigorated business with a sound plan.

“As a Trust Port we are committed to focussing on our core mission which is the operation and development of the port as well as to encourage and promote jobs and economic growth in the region. We will continue to work hard with Mustang Marine’s management and any Administrator to that end.”