In a decision by the Scottish government it is "ready and willing" to take Ferguson shipyard into public ownership, Economy Secretary Derek Mackay has announced.

As BBC News reports, the minister said this was to avert the yard's closure with the loss of 350 jobs, and to complete two ferries being built there for Cal Mac west coast services.

The move follows legal notice being served that the business faces administration by the end of this week.

Mr Mackay said the government remained open to other investors.

But in a statement, he added that it was essential to act without delay, to secure the yard, its workforce and the unfinished ships.

A letter has been sent to Ferguson Marine, and its sole shareholder, industrialist Jim McColl, saying the Scottish government is hopeful that directors and creditors "recognise the importance of completing that transfer as quickly and smoothly as possible".

More here on the shipyard story.