Scotland's last commercial shipyard has been saved after the Scottish Government stepped in to nationalise it.
Ferguson Marine in Port Glasgow is now in the hands of the government after striking a deal with administrators.
The move spells the end for Scots tycoon Jim McColl’s involvement, four years after he stepped in to save the site in a deal brokered by Alex Salmond.
McColl had blamed problems with a £97million CalMac contract for new ferries which he said will lose nearly £40m.
The government had previously loaned the firm £45million.
The yard which employs 350 people has been based in Port Glasgow since 1903.
Reacting to the news, Gary Cook, GMB Scotland Organiser and CSEU Scotland Chair, said: "Nationalisation secures the immediate future of the yard and that is a very welcome development, particularly after all the recent uncertainty.
"Our members were caught in the middle of a situation that had nothing to do with them and their relief will be palpable. It is five years since the yard went bust and the Scottish Government has prevented that from happening again.
"We must be clear that nationalisation will not be a quick-fix and there will be challenges.
"There will for example be limits to the amount of private sector work for which the yard can compete but the alternative to nationalisation was closure and that was no choice at all."
"Our immediate priority is to secure the re-employment of the workers released last weekend because their skills are essential and then we will insist the government works with us to develop a proper industrial plan for the yard because lessons must be learned.
"We can now look to the future and everyone should do so with a sense of purpose.
"With vision and competency we can get on with building the ships Scotland needs and together we can grow jobs and prosperity on the lower Clyde."
