Secure future on horizon as new owner sails in

Jul 15 2009 By Iain Laing, The Journal

ONE of Tyneside's biggest shipyards has been taken over by a Welsh entrepreneur who promises fresh investment to secure its long-term future.

A&P Tyne, which has about 160 permanent workers at its site in Hebburn, South Tyneside, has been taken over by Cardiff-based The Bailey Group.

Property developer and entrepreneur Paul Bailey, who took a 50% stake in the group in September 2006, has bought the remaining shareholding from A&P directors and senior managers. And the new owner has promised fresh investment in the business which has returned good profits over the past three years.

Mr Bailey said: "Now that we have secured clear management control we can set about developing the future of a very successful company."

The former managing director of the Tyneside operation, David Skentelbery, has been appointed group managing director, while Stewart Boak, former commercial director, will take over as MD on the Tyne.

Mr Skentelbery said: "The task before us is to ensure we continue to deliver a top-quality service to our customers. The group increasing its stake from 50% shows the intention to carry on as we have. The business has been successful and will continue to be so.

"This is an exciting phase in the company’s history. The group can now look forward to a secure future. It will be my intention to ensure the change in ownership has little effect on our day-to-day operations."