Cammell buys Wear dock group for pounds 33m
Thursday 20 August 1998
Albert Le Blond, who founded the Wear Dockyard Group in 1974, is selling the company to quoted shipyard group, Cammell Laird Holdings, for pounds 33m.
The takeover brings together some of the most famous names in British shipbuilding. Cammell Laird Holdings owns the eponymous yard on Merseyside after rescuing it from closure under its former owners VSEL.
Mr Le Blond's group includes Hebburn shipyard on the Tyne, bought from the receivers of Swan Hunter in 1994, and the Pallion yard in Sunderland, formerly part of North East Shipbuilders Limited.
Cammell Laird said the merger would be a good geographic fit and would enable the group to reduce purchasing costs and undertake larger refit projects in the offshore market.
The group has not ruled out re-entering the new-build market for specialist ships such as research and seismic vessels.
Mr Le Blond, who began the Wear Dockyard Group with one small derelict dry dock in Sunderland, owns 90 per cent of the business jointly with his wife. Cammell Laird is paying for the business with pounds 20m in cash and issuing a further pounds 12.5m worth of shares to Mr Le Blond, who will end up with 10 per cent of the enlarged company.
Although he is 63, Mr Le Blond does not intend to give up work. He said the bulk of the proceeds would be reinvested in shares and property while he learns to speak French and catches up on some reading.
The parent company of Wear Dockyard Group, ALB Holdings, had pounds 44m turnover last year and employs 1,000 people at four dry docks in the Tyne Tees and Wear regions.
The acquisition will more than double the size of Cammell Laird, which made pre-tax profits of pounds 4m on sales of pounds 32m last year. It will be partly funded through a one-for-eight rights issue to raise pounds 13.2m.
Swedish stars ask fans for £195 pledges on crowd-funding website
voicesJust when you thought you could find a man, get married, and have a baby by the age of 35... it turns out you’re too late, says Grace Dent
sportNapoli 2 Arsenal 0: Gunners must now face either Real Madrid, PSG, Bayern Munich, Atletico Madrid or Barcelona in knock-out stages
musicAs Mariah Carey and Noddy Holder rake in the royalties from their classics, why there hasn't been a decent festive hit for 20 years?
theatreAuthor Daniel Rosenthal recalls the mishaps that almost brought the curtain down on the likes of John Gielgud and Diana Rigg
filmFilm producers sue Warner Bros for $75m over Hobbit films
lifeAs the Royal Mail plans to phase out deliveries on two wheels, it's no wonder posties are in a spin
musicThe 21-year-old beat Ella Eyre and Chlöe Howl to win the honour
lifeFull of the joys and want to help your fellow man? December isn't the time to do it
techLuke Blackall reports on precision engineered prams and babygros that monitor your child 24-7
- 1 Nelson Mandela memorial: ‘Bogus’ interpreter made mockery of Barack Obama’s tribute
- 2 It’s shameful that our universities have accepted gender segregation under pressure from the most oppressive religious fanatics
- 3 Kenyan politician Mike Sonko left red-faced after photoshopping himself next to Nelson Mandela
- 4 Exeter to Edinburgh and back in a day: How one fresher's lost bet left him facing a 900-mile round trip
- 5 Selfie at funeral: Cameron squeezes in on Obama snap at Mandela memorial
- < Previous
- Next >
iJobs Money & Business
£77099.84 - £96375.26 per annum + Bonus + Benefits : Harrington Starr: My clie...
£45000 - £60000 per annum + Bonus and Package: Harrington Starr: Trading appli...
£50000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...
£70000 - £90000 per annum + BONUS + BENEFITS: Harrington Starr: A leading mark...