Mustang bought out of administration

A consortium of nine investors led by Stewart Graves, the interim managing director appointed late last year, includes former directors and employees of Mustang Marine (Wales) Ltd and directors and shareholders from Holyhead Marine in North Wales.

Stewart Graves, said: “Mustang Marine Ltd is delighted to have acquired the trade, intellectual property and the assets in Pembroke Dock, from the administrator of the former business. The extensive facilities in Pembroke Dock include three new build sheds, two covered and two open slipways and a roll on roll off slip.”

He added that the new firm has also secured the jobs of over 30 key personnel with years of expertise gained working in this boat yard.

One investor and the operations director is Kevin Lewis, who founded Mustang Marine (Wales) over 30 years ago.

“The participation of Holyhead marine directors and shareholders as investors brings great synergies and strengths to the new business and their experience as operators and builders of work boats will be invaluable in helping develop Mustang into an industry leader,” Mr Graves added.

Mark Meade, managing director of the Holyhead Group and investor in Mustang Marine Ltd has been appointed Chairman of the new company.

He said: “We have long been using Mustang as a subcontractor in the build of aluminium boats, and have a high regard for Kevin and his team as boat builders, so we’re very pleased to have been able to support the new company. We will be working together to ensure that potential synergies can be taken full advantage of, and are confident that the company has a sound management team in place and a good future.”

Maritime Journal reported that the company went into administration back in March.

Mustang Marine continued trading through its administration and was working on a number of important projects at the time including a windfarm support vessel.

By Anne-Marie Causer