TYNESIDE shipyard A&P Tyne has its second new owner in the space of 18 months after being bought by a North West consortium which includes directors of a previous operator Cammell Laird.
New owner Atlantic & Peninsula Marine Services (APMS) has taken over the A&P Group which has annual revenues of £100m and includes facilities on Teesside and Falmouth as well as Hebburn on the Tyne.
It aims to build upon the success of the Hebburn ship repair and fabrication yard. In the last few months A&P Tyne has won contracts which have increased its full-time workforce by 20% to 240 and employing 300 agency staff. It expects to carry out nearly £40m of work this year, up from just under £30m last year, which it expects to rise to £55m by 2015.
A&P Group managing director Chris 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.”
Stewart Boak, managing director at A&P Tyne, said: “Our previous owners supported the yard’s plans which have seen us launch a £10m investment programme and we understand the new owners are also supportive of these plans. As a group we achieved revenues of £100m last year and are aiming for sales of £150m by 2015.”
The A&P Group took over the running of the Hebburn yard in 2001 and in 2009 it was bought by Welsh-based Bailey Group. APMS’ shareholders include Manchester-based Peel Ports and private investors, including existing investors and directors of Liverpool-based Cammell Laird.
Ship repair company Cammell Laird operated the Hebburn yard, the last remaining yard on Tyne with dry dock facilities, in the 1990s before closing it at the turn of the century with the loss of 900 jobs.
The A&P Group’s current management team in the individual yards, led by managing director Chris Bell and finance director Ian Carey, will remain in place with responsibility for the day-to-day running of the operations.
It is currently engaged on building panels for the new Royal Navy aircraft carriers, ship repair contracts including an contract to extend the life of HMS Bristol and on fabrication structures for the subsea oil industry.
A spokesman for the new owners said: “The A&P Group recently announced new contract wins, which included the building of subsea structures for key oil and gas sector clients.
“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.
“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.
“We 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 TYNE at Hebburn was born out of the remnants of the Cammell Laird ship repair yard after it went into receivership in 2001.
As well as the Tyne, the A&P Group has ship repair and conversion facilities on the Tees and Falmouth. In February 2009 it suffered a blow when it lost a £250m contract for work on the two new Royal Navy aircraft carriers. The following month it learned it had won a share in a £150m contract on the same vessels. In July 2009 the A&P Group was bought by the Cardiff-based the Bailey Group. In March 2011 it was bought by North West consortium Atlantic & Peninsula Marine Services.
A&P Tyne currently employs 242 full-time staff and 300 agency workers.