Wed, 31 Oct 2012 | BUSINESS SALE
Alicat Workboats has bought the business and assets of South Boats Special Projects Ltd.
The British boat builder fell into administration earlier this year following financial problems arising out of the challenges posed by rapid growth. A need for heavy levels of design investment, an expanding manufacturing footprint and new product introduction also made things difficult for the firm.
Chantrey Vellacott DFK were appointed as administrators, while SIA Group managed the purchase on behalf of Alicat.
Following the purchase, the owners of Alicat Workboats, The Gardline Group, confirmed to the Maritime Journal that a new company will now be created to continue the operation of the acquisition. This new business looks set to become the leading specialist in both manufacturing and servicing offshore wind farm crew transportation vessels.
Nigel Darling, director of Alicat, added: “We are delighted with this acquisition and feel it both complements the company’s activities and secures the future of boat building on the island (Isle of Wight). With the backing of Alicat Workboats, the clients of South Boats can be assured of the continued supply of quality vessels.”
The administrators added that South Boats had a good reputation and a strong order book of around £21 million, along with a further enquiry pipeline of some £35 million.
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