Shipyard firm Harland & Wolff based in Belfast has decided not to make a formal bid to buy the passenger ferry and freight-company, which operates to the Isles of Scilly off Cornwall.

In an initial approach by H&W to acquire the 103 year old Isles of Scilly Steamship Company Limited (ISSCL) which serves the archipelago of south-west England, this was “unequivocally rejected” last month.

The Alternative Investment Market (AIM)-listed H&W said it would mull over its options and,under takeover rules, this would take up to 21 December to firm up a bid for the transport business which includes inter-island services.

In a statement issued from the board of Harland & Wolff Group Holdings, it has concluded not to pursue this matter “and accordingly does not intend to make a firm offer for ISSCL”.

To read more of the statement, The Irish News reports of the development.