The deal was negotiated by administrators Blair Nimmo and Tony Friar of KPMG who were appointed as joint administrators of Ferguson Shipbuilders Ltd, the last commercial shipbuilder operating on the River Clyde, on 14 August.

CBC is an experienced owner and manager of industrial businesses that typically serve the oil and gas, petrochemicals, power and mining sectors.

Jim McColl, chairman and CEO of Clyde Blowers Capital said: ‘We are pleased to have completed the purchase of Ferguson’s and are excited by its potential to grow into a leading marine engineering business.

‘Having completed the deal, we will be naming the company Ferguson Marine Engineering Ltd.  Work is now well underway to develop a plan to rebuild Ferguson’s, and we look forward to working with the key stakeholders in that rebuilding process.’

The company was forced into administration due to a ‘lack of significant orders and mounting cashflow pressure has led to the group’s inability to continue trading’.

The sale will save the main shipyard operation and related insolvencies. There will be no job losses and there are plans to expand the current operation.

Blair Nimmo, joint administrator and head of restructuring at KPMG in Scotland, said: ‘It is extremely pleasing to secure the sale of Ferguson Shipbuilders in such a short timeframe and to buyers who can see the potential in the business and its skilled workforce.

‘We would like to thank those employees, and all parties with an interest in Ferguson Shipbuilders, including various government agencies, for their patience and support during this period.’  

He added: ‘We would also like to wish Clyde Blowers Capital every success for the future. As new owners they have an ambitious vision to build on its heritage and grow a successful shipbuilding and marine engineering business on the Clyde.’