Boat builder enters administration with the loss of 234 jobs
A MIDLAND boat builder has entered administration leading to the redundancy of 234 workers.
Kidderminster-based Sealine, which employs around 300 people in total, designs, manufactures and sells sport cruiser boats between 28ft and 60ft internationally. However, the market has been tough due to the harsh economic conditions and sales are thought to be well down.
Graham Bushby and Guy Mander, of Baker Tilly Restructuring and Recovery, have been appointed joint administrators of the business.
Mr Bushby, Restructuring and Recovery Partner at the advisory firm, said: “Sealine has been an important employer in the area over a number of years. We appreciate that there will be great uncertainty among staff and we will endeavour to update them at the earliest opportunity.
“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.”
Sealine has been trading since 1972 and was a regular exhibitor at the Cannes, Southampton and Genoa boat shows. It is considered one of the ‘Big Four’ leading UK manufacturers of luxury yachts and in the past two years has released new models such as the SC42 Sports Cruiser and C48 Coupe.
The business almost folded in 2009 following the onset of the credit crunch but recovered sufficiently to take on an additional 50 workers at the beginning to 2011 to help meet demand.
In 2011 the business was taken over by private investors, led by The Oxford Investment Group. The deal, which was undisclosed, was part advised by BDO in Birmingham.
The administrators have said that any parties interested in purchasing the assets of the business should contact Chris Cooke of Baker Tilly on 01908 687800.
