Ship repair business A&P Group is under new ownership for the second time in 18 months.
A&P operates two shipyards in the north east, and one in Falmouth. It was bought by The Bailey Group in July 2009, and has now been acquired by Atlantic & Peninsula Marine Services Ltd.
Atlantic’s shareholders include Peel Port Holdings (No2) (IOM) Ltd and private investors include existing investors and directors of Cammell Laird Shiprepairers and Shipbuilders Limited.
The new owner says it is committed to A&P’s continued growth, including into new sectors such as the oil and gas and renewable energy markets.
The existing management at the three yards, which in Falmouth is headed by Peter Child, will remain in place, as will group MD Chris Bell and group FD Ian Carey.
Bell commented: “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.”
Financial terms of the deal were not disclosed.
