One of Falmouth’s largest employers, Falmouth Docks, has been sold.

The news, which was embargoed until noon today, is likely to send shockwaves around the town.

Owner Paul Bailey has sold the entire A&P Group, which includes the docks as well as two shipyards in the North East of England, to Atlantic and Peninsula Marine Services Limited.

Chris Bell, group managing director, said: “This announcement is good news for the A&P Group and will drive our continued growth both in the short and long term. The management team is committed to ensuring that the business continues to go from strength to strength as we pursue opportunities in new sectors and continue to service our existing customers.”

In a statement from A&P, the company said the new owners had a “wealth of experience” in the operation of ports, shipyards and engineering infrastructure and were committed to building on the successes of A&P Group to date.

For full details on the effect on the town and reaction to the news see tomorrow’s Packet.