1st March 2011
The freehold owner of the Falmouth and Hebburn Shipyards has been acquired for an undisclosed sum by Peel Ports Holdings (No.2) (IOM) Limited, a newly formed company owned by Peel Group Limited.
Hill Dickinson and Dow Schofield Watts have advised Atlantic & Peninsula Marine Services on the purchase of A&P Group Limited, the operator of the Yards. A&P Group Limited primarily comprises A&P Falmouth, A&P Tyne, A&P Tees, the Falmouth Port Authority and Marine Design Limited. The acquirer is owned 50:50 between Peel Ports Holdings (No.2) (IOM) Limited and a group of private investors including existing investors and directors of Cammell Laird Shiprepairers and Shipbuilders Limited.
A&P Group has its own senior management team, led by CEO Chris Bell and CFO Ian Carey. It will continue to be operated as an autonomous business for the foreseeable future.
In the financial year ended 31 December 2009 being the latest published audited accounts, A&P Group Limited had a turnover of £97,600,000 and made £1,600,000 profit after tax.
John Syvret, MD and shareholder in Atlantic & Peninsula Marine Services Limited commented: ‘A&P Group is an established Ship repair, Ship conversion, Engineering and Port Operation business with first class supporting infrastructure strategically located in Falmouth, Tyneside and Teesside. It has significant potential for growth in its existing core markets and the emerging sectors of Offshore Renewable and Civil Nuclear energy markets. As new owners, we have a wealth of experience in the operation of ports, shipyards and engineering infrastructure and we are committed to building on the successes of A&P Group to date.’
Dow Schofield Watts – Purchaser -Financial Advisor
Hill Dickinson LLP – Purchaser- Legal Advisor