Scotland Matters Transport Matters

Ferguson shipyard misses deadline to file accounts – BBC News

The troubled Ferguson Marine shipyard in Port Glasgow has been warned it may be forced to stop trading after missing a deadline for filing accounts.

It is building two CalMac ferries – but their cost is now well over double the original contract price, and delivery is more than five years late.

Companies House required the Scottish government-owned firm to submit its annual accounts by the end of December.

Ferguson said it expected the accounts to be submitted by the end of March.

Companies House issued a public notice warning that it could strike off the firm if it fails to file them.

Ferguson’s chief executive David Tydeman said that auditors Grant Thornton were handling what he called “outstanding issues” with the Scottish government and the public spending watchdog Audit Scotland.

He said the reasons for the delay were “beyond the directors’ control”.

The accounts require the approval of MSPs before being submitted to Companies House.

It is expected Ferguson will have to pledge to cover its losses over the delayed and over-budget construction of the two CalMac ferries before auditors sign off the company as financially secure and a going concern.