Britain's A&P Group, which has three shipyards specializing in ship repair, conversion and fabrication, is under new ownership. It has been acquired by Atlantic & Peninsula Marine Services Ltd. whose shareholders include Peel Port Holdings (No2) (IOM) Ltd. and private investors including existing investors and directors of Cammell Laird Shiprepairers and Shipbuilders Limited.
"The new owners have a wealth of experience in the operation of ports, shipyards and engineering infrastructure and are committed to building on the successes of A&P Group to date," says an A&P statement, which adds that the current management team at the individual yards remains in place, led by Group MD, Chris Bell and Group FD, Ian Carey.
Two of the A&P shipyards are in the northeast of England at Hebburn on the Tyne and at Middlesbrough on the Tees. The third in is in Falmouth, Cornwall.
The statement says that Atlantic & Peninsula Marine Services supports the management team’s broad vision and aims including growth into new sectors such as the oil and gas and renewable energy markets. A&P Group has had some success in recent months in winning contracts in these markets that include the building of subsea structures for key oil and gas sector clients. It has also continued to develop its traditional business of ship repair and conversion
A&P Group additionally provides services to the UK MoD under a performance based Through Life Support contract for RFA vessels and is also working on sections for the new QEII class aircraft carriers.
Chris Bell, Group MD commented,
“This announcement is good news for the A&P Group and will drive our continued growth both in the short and long term," commented Mr. Bell. "The management team is committed to ensuring that the business continues to go from strength to strength as we pursue opportunities in new sectors and continue to service our existing customers.
“We are grateful to the former shareholders who have supported and enabled us to invest in the business resulting in the strong position we find ourselves in today. We are looking forward to working with our new shareholders who share our vision in driving the business forward.”
March 1, 2011