The FTSE-250 defence contractor is among the potential suitors for Harland and Wolff's assets, including its Belfast shipyard, as its holding company hovers on the verge of administration, Sky News learns.
Babcock International, the London-listed defence contractor, is weighing a possible bid for some of the assets of Harland and Wolff, the shipbuilder which is close to collapse. Sky News has learnt that Babcock, which has a market value of £2.4bn, has expressed an interest in Harland and Wolff's Belfast shipyard which is famous for having built The Titanic. News of its interest comes amid reports that Harland and Wolff could fall into administration as soon as next week.
In recent weeks it has been engulfed by management turmoil, with the departure of its chief executive and, this week, its finance chief. On Friday, Russell Downs, the company's interim executive chairman, said he had ordered a probe into what he described as an apparent 'misapplication' of more than £25m of corporate funds.
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