The company said between 50-60 immediate redundancies are expected but that staff employed at its four shipyards are not affected
A company statement said: "A full review of all group holdings commenced in July and has concluded that H&W Group Holdings PLC is insolvent on a balance sheet basis as per its last audited accounts and most recent management accounts."interim executive chairman Russell Downs said the group had faced a "very challenging time" due to historic losses and failure to secure long-term financing.
"It's critical that the business comes through its financial troubles to secure an enduring legacy worthy of its name and its past for the benefit of the UK as a whole and its communities in particular."Ulster Unionist MLA Andy Allen said it is "crucial" the Government supports the shipyard in finding a new owner
"Given its strategic importance to our defence infrastructure, the Government must act quickly and decisively to secure its future. Matt Roberts, GMB National Officer, said: “Workers, their families and whole communities now face their lives being thrown into chaos due to chronic failures in industrial strategy and corporate mismanagement.
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