Mustang Marine goes into administration

The company is continuing to trade, with 48 staff remaining employed. Administrator Grant Thornton (Wales office) says it is hopeful of “securing a buyer and new owner as quickly as possible.”

Alistair Wardell , head of the administrators’ Wales office, said Mustang Marine is still at work on a number of projects including a windfarm support vessel.

He said, “We have received a lot of interest in all parts of the business already and negotiations with those interested parties will continue over the next couple of weeks with the aim of securing a buyer and new owner as quickly as possible.

“In the meantime, a number of parts of the existing business will carry on trading and working on some very exciting projects which are already underway, thanks to some highly supportive customers.

“We are hopeful of being able to achieve a sale of Mustang marine in the very near future.”

Mustang Marine opened a new £1.5m building hall only last November as part of an ongoing expansion programme, with substantial financial support from the Port of Milford Haven and cash from the Welsh government. The company was seen as a job creator in its area and a critical link in the local supply chain.

The chief executive of the Port of Milford Haven, Alec Don said: “Mustang Marine is 50% owned by the Port of Milford Haven and therefore is an associate company.

“We are obviously concerned about the great anxiety amongst staff and other stakeholders that this administration announcement will be causing. We have always been supportive of Mustang’s efforts to grow their business and establish themselves as a manufacturer based in west Wales in competition with other shipbuilders in the UK and beyond.

“As a Trust Port we remain committed, more than normal considerations would allow, to working with the administrator and other stakeholders to see a viable business re-established.

“We will do all we can to attract investors who can make a success of the outstanding facilities and location we have here, and employ as many highly skilled staff as possible.

“The interests of creditors and employees will be best served by all parties working together to ensure a strong business emerges from this process.”