Chairman of Harland & Wolff resigns

Harland & Wolff chairman Malcolm Groat has resigned with immediate effect

Harland & Wolff chairman Malcolm Groat has resigned from the company’s board with immediate effect.

He had been a non-executive director of the shipbuilder since 2019 and became chair in 2021.

Two other non-executive directors have also stepped down - Sir Jonathon Band and Katya Zotova.

Russell Downs, the restructuring expert who is running the company, thanked the three for the "time and hard work that they have put in over the years".

Mr Downs, who is interim executive chairman, has been in charge since the former chief executive John Wood stood down last month.

He is leading a strategic review of the company with the assistance of experts from Rothschild bank. That process is likely to lead to the business being sold.

On Monday the company appointed Alan Fort as a new non-executive director.

Like Mr Downs he is a restructuring expert, whose experience includes the sale of retailers Evan Cycles and Dreams.

Review process

On Monday Mr Downs said the company would be unable to finalise its 2023 accounts on a going concern basis and therefore, work to complete its unpublished accounts had been suspended.

Instead management efforts are being focused on the review process.

Trading in Harland & Wolff shares has been suspended since the start of July after the firm missed a deadline to publish independently audited accounts.

Earlier this month the firm agreed a new $25m (£19.5m) loan with its US lender, which it said would support the "ongoing stabilisation" of the heavily loss-making business.

Harland & Wolff employs about 1,500 people in the UK. Its main site is in Belfast and it also has yards at Appledore in the west of England, and at Methil and Arnish in Scotland.