Wed, 01 May 2013 | ADMINISTRATION
Upmarket yacht and boat builder Sealine International has entered administration.
Graham Bushby and Guy Mander, the appointed administrators from Baker Tilly Restructuring and Recovery, are seeking a buyer for the business as a whole or in part, and have made 234 out of 300 staff redundant.
The business is headquartered in Kidderminster, Worcestershire, and was established in 1972. It operates through an international network of 40 yacht dealerships. Sealine was part of Brunswick, a US leisure products firm, for over a decade, and targeted the European markets.
Sealine was taken over by US private equity firm Oxford Investment Group in 2011, and expanded the business to new markets, setting up sales operations in the US, Lebanon and Bangladesh.
Mr Bushby said: “Sealine has been an important employer in the area over a number of years.”
“We will also be working to maximise recoveries for the company’s creditors, which includes the sale of plant and recovery of monies owed to the business,” he added.
Sealine reported a turnover of £33 million for the year ending 31 December 2011, down by 9.5 per cent on the previous year, with a pre-tax loss of £4 million. It had been operating at a loss for several years.
The yacht industry has been affected by the government’s visa rules, which have made it difficult to secure overseas buyers, namely from Russia and China. Large British yacht makers are currently lobbying for a relaxation of these rules.
____________________________________________________________________________
Related articles:
South Boats Special Projects Ltd sold to Alicat
Chirk Golf Club and Chirk Marina for sale
Represents an opportunity for an acquirer seeking a three surgery, predominantly private dentistry located in Pembrokeshire.
FREEHOLD
Predominately NHS dental surgery with scope for physical expansion, private growth and extended services.
FREEHOLD
Represents an opportunity for a dental practice acquirer seeking a seven surgery mixed dentistry operating since 1978.
FREEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.