22/03/2011

Holyhead Boatyard on course for growth

The Holyhead Boatyard Group has set a course for new offshore business opportunities after securing £2.7 million investment in the largest debt investment to date from Finance Wales.


Holyhead Boatyard has expanded rapidly in recent years after securing a number of new offshore energy industry contracts in the growing renewables market, as well as the oil and gas sector.  The Anglesey-based group has used the investment to purchase two specialist marine vessels. One vessel is currently servicing the West African oil industry, and the other, European offshore wind farm operations.

The Group has invested in a number of new vessels to meet increased demand for its extensive range of marine services, increasing its total fleet to 33.  This includes specialist support and crew transfer vessels used to transport crew and equipment to and from wind turbine towers during construction and maintenance.  It also undertakes boat building and refurbishment.

“With thousands of further turbines planned for construction off the European coast alone, the Group is well placed to support companies working on offshore power generation projects,” explains James Burns, Commercial and Operations Director, Holyhead Towing Company. Finance Wales’ investment will help the Group to satisfy its growing order book.  We have been able to recruit more staff and will continue to do so as the demand from the offshore energy industry grows.”

Nick Colin York, Managing Director of Holyhead Marine Services added: “As a result of Turbine Transfers recent success in the renewables market, we need additional shed space so we can start building our own wind farm vessels.”

Heather Abrahams, Investment Executive at Finance Wales said: “The Holyhead Boatyard Group has successfully diversified into a number of new sectors and geographic markets in recent years including defence, aerospace and energy. The Group has now established an excellent track record operating in global markets which provides a solid foundation for further growth. Finance Wales’ investment will enable it to expand its range of services even further.”

The Holyhead Boatyard Group has been owned and managed by two generations of the Meade family since they established it in 1962 and now employs over 200 staff worldwide. The Group comprises Holyhead Towing Company Ltd, Holyhead Marine Services Ltd and Turbine Transfers Ltd. In 2004 the Group won the tender to design, build and operate a barge for Airbus to transport the Airbus A380’s wings to the Port of Mostyn.

Holyhead Marine Services has previously built 67 vessels for a range of customers including the Ministry of Defence, harbour authorities, and also undertakes maintenance work for marine companies and the RNLI. 

Advisors to Finance Wales on the deal were DWF Solicitors of Manchester.