New owners for ship repair company A&P GroupNews // March 7, 2011
A&P Group in the UK is under new ownership. A&P Group is an established ship repair, conversion and fabrication business operating three shipyards, two being in the North East of England at Hebburn on the Tyne, at Middlesbrough on the Tees, and a third in Falmouth, Cornwall.
The new owner is 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.
A&P Group’s current management team in the individual yards led by Group MD, Chris Bell and Group FD, Ian Carey remain in place with responsibility for the day-to-day running of the operations.
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 have had some success in recent months in winning contracts in these markets which are important for the business, gaining a significant foothold, as well as continuing to develop its traditional business of ship repair and conversion for which it has become renowned.
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.
Mr Bell said: "This announcement is good news for the A&P Group and will drive our continued growth both in the short and long term. 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.”
The Group recently announced new contract wins, which included the building of subsea structures for key oil and gas sector clients.