Harland & Wolff, the renowned Belfast-based shipbuilder responsible for the Titanic, has collapsed into administration.

The parent company, Harland & Wolff Group Holdings plc, has appointed administrators from Teneo after unsuccessful attempts to secure new funding.

Despite the administration of the parent company, its shipyard subsidiaries will continue to operate.

The company confirmed that job losses are imminent for the 66 staff at its holding firm, and shareholders will lose their investments.

Current operations include shipyards in Devon, Scotland, and Belfast.

Historically, the Belfast yards were a major employer and built iconic vessels like the Titanic.

The UK government had planned to construct three Navy support ships at the Belfast yard in collaboration with Spain's Navantia.

Now, BAE Systems and Babcock International are potential buyers, with Babcock showing notable interest.

Investment analyst Dan Coatsworth remarked on the sad state of the iconic shipbuilder as efforts to find a new owner accelerate.