The sale of Ferguson Shipbuilders to Clyde Blowers Capital has been confirmed.

Last month, the shipyard went into administration with the loss of 70 jobs. Administrators KPMG were brought in and chose Clyde Blowers Capital as the preferred bidder for the business.

It is understood the shipyard will be renamed Ferguson Marine Engineering.

Jim McColl, who owns Clyde Blowers Capital, has already said he will upgrade the facilities at the yard in Port Glasgow and look for work in the renewables sector.

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Blair Nimmo, joint administrator, is quoted as saying: "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."

Mr McColl added: "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.

"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."

(JP/MH)