What’s gone wrong at Harland & Wolff?

Published On Sep 16, 2024, 2:30 AM

Harland and Wolff, the shipbuilder known for its iconic cranes in Belfast, is facing insolvency after suffering significant financial losses and being overly reliant on high-interest loans. Despite winning a major contract to build ships for the Royal Navy, the company struggled to secure sufficient funding and government support, ultimately leading to its current administration status. The company's financial woes were further confirmed by losses of £25m, £70m, and £43m over recent years, alongside a suspension of share trading amid uncertainties about its viability.