BiFab: intervention analysis
We commissioned Ernst & Young to undertake an evaluation of the BiFab intervention following a recommendation from Audit Scotland that the Scottish Government seek to learn lessons from its experience of recent financial interventions in private companies.
Simple Timeline
The timeline below provides an overview of each of the Intervention Points referenced throughout this report:
Graphic text below:
Intervention Point 1 November 2017 - £15 million working capital loan
Intervention Point 2 March 2018 - extension of the loan to £30 million plus £10 million restructuring loan.
Intervention Point 3 April 2018 - extension of the loan to £41 million plus £10 million restructuring loan. Working capital loan amounts drawn converted to equity.
November 2018 - the Scottish Government provide a £15 million performance guarantee to allow BiFab to complete Moray East.
Pre-Intervention Point 4 May 2020 - restructuring loan was terminated and replaced by a £15 million working capital loan.
Intervention Point 4 December 2020 - no additional funding was provided by the Scottish Government and administration occurred.
Contact
Email: SCADPMO@gov.scot
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