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CMS advises Harland and Wolff as it completes rescue deal

5 December 2019

International law firm CMS has advised Harland and Wolff, and its administrators BDO, on the completion of its sale to AIM-listed infrastructure company, InfraStrata. A wholly owned subsidiary of InfraStrata has purchased the principal assets of Harland & Wolff for an aggregate cash consideration of £5.25 million. 

Harland and Wolff is a heavy industrial company, specialising in ship repair, conversion, and offshore construction, located in Belfast. It was founded in 1861 and in its hay day employed over 35,000 workers. The historic shipyard is best known for building the Titanic, although in more recent times it has diversified into working on steel structures for offshore wind farms using the world famous gantry cranes, Samson and Goliath, which dominate the Belfast skyline. 

Infrastrata has reported that the acquisition provides significant benefits for InfraStrata’s Islandmagee Gas Storage Project, which, when fully operational, is expected to provide 25% of the UK's natural gas storage capacity. InfraStrata will retain all workers currently employed at the Harland and Wolff shipyard, with plans to significantly increase the size of the workforce over the next five years. 

The CMS restructuring team was led by Restructuring partner, Glen Flannery, with assistance from Peter Williamson (Corporate), Tracey Marsden and Emma Sweetman (Employment), Christos Christoforou, Ryan Whittaker and Mia Spedding (Restructuring), and Mark Atkinson, Victoria Lee, Victoria Mance and Katherine Sidders (Pensions). 

Glen Flannery comments: "This sale is a great outcome for heavy industry in Belfast, securing the future of its historic shipyard. We are delighted to have had the opportunity to help deliver this. "