Harland and Wolff, the legendary shipbuilder known for creating the ill-fated Titanic, is grappling with severe financial issues.

On Monday, the Belfast-based company announced that it must sell off some of its assets to keep its shipyards afloat.

Steps to Address Financial Struggles

In a recent statement, Harland and Wolff revealed that they are bringing in external administrators to manage the sale or closure of non-essential parts of the business, including their Scilly Ferries division.

The company is also considering putting its shipyards up for sale if necessary.

Challenges Facing the Historic Shipbuilder

Russell Downs, the interim executive chairman, acknowledged that the company is facing an incredibly tough period.

He highlighted that difficult decisions were needed to safeguard the future of its four UK shipyards, including the one in Belfast where the Titanic was famously constructed in 1912.

Downs pointed out that the company is struggling with significant historic losses and has not been able to secure long-term financing.

Financial Status and Future Plans

The group’s statement confirmed that Harland and Wolff is currently insolvent based on its latest audited and management accounts.

As a result, the company is preparing for the possibility of an administration order and the appointment of administrators, a process expected to start within the week.

Historical Impact and Workforce

Harland and Wolff’s legacy includes not only the Titanic but also its sister ships, the Olympic and Britannic.

During World War II, it produced nearly 150 warships and later built significant vessels like the SS Canberra and the Myrina, the UK’s first supertanker.

Recently, the company was involved in securing a major navy contract.

Today, Harland and Wolff employs 1,500 staff, a stark contrast to the over 30,000 employees it had in its early 20th-century heyday.

Founded in 1861, the company has a storied history, but its future remains uncertain.

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