FERGUSON’S saviour Jim McColl says he will plough an initial £8m into Ferguson’s to transform the yard and dramatically increase its workforce.

The Scots businessman spoke to the Tele to outline his plans for the Port Glasgow yard after his firm, Clyde Blowers Capital, was named preferred bidder for the administration-hit yard on Monday.

Mr McColl has pledged to take on the 70 members of staff who were axed on 15 August — and grow the workforce to over 120 people within 18 months.

He says he wants to create a ‘globally’ successful Inverclyde firm which is fit for the 21st century.

Speaking to the Telegraph by phone from Australia, where he was visiting one of his other companies, Mr McColl said: “I’m absolutely delighted that we have been named as the preferred bidder.

“We are going to be working this week with the administrator to get everything into place so we can get started again with Ferguson’s and rebuild this business.

“I think we can be very competitive globally with introducing new technologies and upgrading the facilities, and we’ve got the financial backing to do that.” Mr McColl’s background is in engineering and he served his apprenticeship at Weir Pumps, which he later bought, saving 550 jobs.

He has 90 businesses in 30 different countries — and says that worldwide footprint is exactly what will help him to revitalise Ferguson’s and Port Glasgow.

He said: “I have been able to see how businesses in other parts of the world compete because we own them, and I’ve been able to learn from that how we can be more competitive in Scotland.

“I feel quite passionate about the ability — we have a lot of talent in the area and it’s there to be tapped.

“If it’s not tapped it’s going to die, we’re going to lose it.

“There’s lots of talent and it’s an area where’s there’s fantastic heritage in Ferguson’s and that’s the kind of business I love to get — because it’s going to benefit the local community and it’s going to benefit employment, but I wouldn’t do it if I didn’t think I couldn’t make money off it.

“I think there’s a great opportunity for creating value here and it’s a win-win.” Mr McColl has plans to tear down one of the sheds at the yard and build a replacement.

He also aims to cover the yard and possibly expand the site so that it could cope with building ships up to 120m in length.

It is hoped that Mr McColl’s ambitious modernisation plans will lure in work from a range of other sectors, including the oil and gas and renewables industries, and make Ferguson’s equipped for conversion and repair work.

Mr McColl said: “We’re really focused on growing this business.

“I see huge potential here.

“We’re looking to make significant improvements to the yard with significant capital expenditure.

“When we get all the improvements made you can come and see the new 21st century Ferguson’s.” The engineering tycoon also hit back at reports that former Ferguson’s owner Alan Dunnet, from Greenock, had tried to profit from the land and assets at the yard.

Mr McColl said: “Alan Dunnet has been very honourable to deal with and is not looking to make anything out of this for himself.

“His main concern is that this property is used for the future of the yard, and that’s his total focus.

“He’s prepared to pass it on at whatever it cost him.

“There was some adverse press that he was trying to benefit but that is absolute nonsense.

“I’ve dealt directly with him and his total focus is on what does he need to do to make this business go on and grow.”