A state-owned shipyard should be sold back to the private sector as quickly as possible to end the ‘non-stop squandering of publish cash’, according to a Scottish Tory leadership candidate.

Russell Findlay has signalled he will take a tougher stance on the ownership of the last remaining shipyard on the Clyde than his party’s current leadership by insisting it is sold off ‘for as high a price and as swiftly as possible’.

The two ferries being built at the Port Glasgow yard have endured a long run of cost overruns and delays.

Concerns have also been raised about the cost of the management team, including an interim chief executive from Canada with a lavish travel and subsistence bill.

Mr Findlay, who represents the west Scotland region in the Scottish Parliament, vowed to switch hus party’s stance on the issue if he wins the race to succeed Douglas Ross, which is due to conclude late next month.

He said: ‘Under my leadership, the Scottish Conservatives would not endorse nationalisation and the SNP’s relentless expansion of the state. 

Unlike John Swinney and Anas Sarwar, we would oppose moves that are not in the interests of taxpayers.

‘Ferguson Marine has the potential to be a great company, but it has been allowed to become a terrible drain on public finances. 

The SNP could have supported businesses to create thousands of new jobs all over Scotland. Or they could have spent it on reducing taxes or improving schools. 

That would have been a far more efficient and effective use of taxpayers’ money.

‘Now, the Nationalists continue to recklessly throw taxpayers’ money towards the publicly-owned yard, with no end in sight and very little signs of improvement. Taxpayers must receive value for money. 

This non-stop squandering of cash cannot go on.

‘The yard should be sold, for as high a price and as swiftly as possible.’

He insisted that jobs at the yard should be protected when it returns to the private sector but said it is ‘obscene’ that the total cost of completing the ferries project and nationalising the yard is now over £400 million.

Mr Findlay said: ‘As leader, I would stand up to socialist ideology and its disregard for public money.

‘Instead, I would put forward a positive, common-sense Conservative vision of how we can always protect taxpayers’ money in the best way possible.’

The Glen Sannox was originally supposed to be finished in early 2018, while the Glen Rosa was due to be handed over by the end of that year.

The two ships are due to cost £360 million, compared to an original estimate of £90 million, and the Scottish Government also handed the previous private operator of the shipyard a £45 million loan.

Last month, the Mail revealed that John Petticrew, who was installed as interim chief executive at Ferguson Marine Port Glasgow in late March after the previous boss was axed, has been handed a £25,620 hotel and subsistence allowance for a six month period.

He has also been provided with car hire for six months, although FMPG did not disclose the costs.

In addition, he made an expenses claim in April for a £1709 Air Canada economy class flight and £537 subsistence during a trip in March, when he was a non-executive director prior to his appointment as chief executive.

Prior to being nationalised, the yard was owned by Jim McColl of Clyde Blowers, when it became involved in a contractual dispute with Caledonian Management Assets Limited, the quango responsible for CalMac ferries and ports.

He has said he would be prepared to buy the yard for £1 in return for two years of support from the Scottish Government to help sustain jobs.

A Scottish Government spokesman said: ‘The Scottish Government’s decision to take Ferguson Marine into public ownership saved the last commercial shipyard on the Clyde and more than 300 jobs.

‘It has always been the intention to return Ferguson Marine to private ownership – as was made clear when the business was taken into public ownership.

‘We are committed to pursuing a sustainable future for the business and any deal would need to work for the shipyard’s employees and the taxpayer.’