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.
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