Shipyard group Harland & Wolff’s botched venture into the ferry sector, reports CityFM, showed it owed more than £3m to creditors after it collapsed earlier this year into administration, filings have revealed.
Its subsidiary, Harland & Wolff (Scilly Ferries) Ltd, was set up by the Belfast-based shipyard’s former management, but the launch of its passenger-only fast-ferry service in May was repeatedly pushed back as the company faced ongoing financial crises. However, ultimately the operator that opened an office on St. Mary’s, Scilly, was wound down, and so not a single voyage took place by the fast ferry, the Atlantic Wolff along with a smaller RIB craft, the Atlantic Express as Afloat, also previously highlighted from the operators’ social media.
Such an investment into the sector had raised eyebrows from industry observers from the get-go, given Harland & Wolff had no prior ferry operating experience. In addition, it had already been spurned for a ferry contract to replace the Scilly Isles’ existing 48-year-old ferry, Scillonian III, and also separate plans to build their own tonnage and service. The veteran vessel runs to and from Penzance, Cornwall, by the long-established Isle of Scilly Steamship Co. which, as Afloat also reported, had rejected the proposed takeover.
According to documents filed with Companies House, they now reveal that Scilly Ferries owed more than £3m to creditors when it collapsed. Furthermore, separate filings previously revealed by parent company Harland & Wolff showed it owed more than £160m when it entered into administration.
In the first month of when Scilly Ferries’ had planned its summer launch that was delayed in May, Harland & Wolff notably paid for a helicopter firm to provide an alternative transport. The offer was made to disgruntled passengers a replacement service, City FM has learned and has further coverage of this story.