Harland & Wolff given funding green light

Published on: December 29, 2023

By City & Finance Reporter

Updated: 21:50 GMT, 29 December 2023

Harland & Wolff – the Belfast shipyard that built the Titanic more than a century ago – has moved closer towards raising £200m.

The company was granted permission by the Government to advance talks with UK Export Finance over a new loan facility.

Harland & Wolff is hoping to shore up its finances by accessing funds under the export development guarantee scheme.

The scheme is a measure that is designed to help firms that export from the UK.

Having received approval to progress negotiations, the firm will now finalise key details.

History: Harland & Wolff built the Titanic more than a century ago

These will range from the banks involved to the credit and guarantee agreements and the security package offered.

Harland & Wolff added that it should now have enough cash to run its business until the new loan facility is completed.

It has said that it needs fresh funds after its half-year losses widened and debt ballooned.

The company’s shares soared 17.4 per cent, or 2p, to 13.5p.