South Boats Bought out of Administration

Press Release
Monday, October 29, 2012

The business of major British work boat company South Boats Special Projects Limited has been sold out of administration – saving a significant number of jobs on the Isle of Wight.



A manufacturer of service vessels for the offshore wind power industry, which is based out of Cowes on the Isle of Wight, has been bought for an undisclosed sum by Alicat Workboats Limited.



Joint-administrators David Clements and Richard Toone from national accountancy firm and corporate recovery specialists Chantrey Vellacott DFK and asset valuations and sales agents SIA Group managed the sale.



David Clements, partner and restructuring specialist at Chantrey Vellacott DFK, said: “We were appointed administrators of South Boats Special Projects on Thursday (October 25) and after discussions with a number of interested parties are pleased to have finalized a deal with Alicat Workboats. “The company had suffered financial problems mainly due to a combination of the challenge of rapid growth, significant design investment, new product introduction and expansion of manufacturing footprint. “Alicat Workboats is a major player in the industry and the sale has safeguarded jobs and secured the future of production on the Isle of Wight.  “The new venture will be the leading specialist in the manufacture and service of crew transportation vessels to offshore wind farms and provide refit and repair facilities.  “South Boats had a strong reputation and a healthy order book of some £21 million and further enquiry pipeline of some £35 million, which made the company an extremely attractive proposition.  “After a lot of hard work we are delighted to have completed the deal with Alicat Workboats and are confident the business will thrive under its new owners.”
 


Paul Craig, Director at SIA Group, added: “The level of interest for South Boats both locally and internationally has been exceptional for what is clearly a well regarded product. We worked closely with all parties to ensure certainty of delivery and secure a positive outcome within an extremely tight deadline.”



Nigel Darling, Director from Alicat Workboats said: “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. “With the backing of Alicat Workboats, the clients of South Boats can be assured of the continued supply of quality vessels.”

 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

World’s 1st LNG Hybrid Barge Christened "Hummel"

The world’s first LNG hybrid barge of Becker Marine Systems was christened with the name "Hummel" on October 18, 2014, at Grasbrook Quay in HafenCity Hamburg.

KBR, Daewoo win Eni FLNG FEED

KBR Inc. announced today that the KD Consortium, consisting of KBR and Daewoo Shipbuilding & Marine Engineering Company, Ltd, has been awarded a front end engineering

A2SEA Signs for Dudgeon

Dudgeon Offshore Wind Limited has awarded the Charter for WTG transport and installation to A2SEA A/S. A2SEA shall provide the jack-up vessel Sea Installer

News

Saudi Oil Pipeline Set Alight

A "limited fire" broke out on a subsidiary oil pipeline in eastern Saudi Arabia on Saturday after assailants fired shots at a security patrol, the state news agency SPA said.

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

Long Beach Port Adds ‘Free Time’ for Cargo to Ease Congestion

The Port of Long Beach will add an extra three days to the time that overseas import containers can remain on the docks without charge, in order to grant some

Vessels

World’s 1st LNG Hybrid Barge Christened "Hummel"

The world’s first LNG hybrid barge of Becker Marine Systems was christened with the name "Hummel" on October 18, 2014, at Grasbrook Quay in HafenCity Hamburg.

Vancouver Welcomes Bulker on Her Maiden Voyage

The Port of Vancouver USA welcomed the M/V Jobst Oldendorff, commanded by Capt. Baisie of Ghana, on her maiden voyage October 16. Capt. Baisie and his 21-member

US Navy to Christen Littoral Combat Ship Detroit

The Navy will christen littoral combat ship (LCS) Detroit, on Oct. 18 during a ceremony at Marinette Marine Corporation shipyard in Marinette, Wisconsin. Secretary of the Navy Ray Mabus,

Wind Power

A2SEA Signs for Dudgeon

Dudgeon Offshore Wind Limited has awarded the Charter for WTG transport and installation to A2SEA A/S. A2SEA shall provide the jack-up vessel Sea Installer

Drydocks World's to build BorWin3

Drydocks World signed an agreement today with Petrofac to build the BorWin3 high voltage direct current (HVDC) converter platform in the North Sea, named BorWin gamma.

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1493 sec (7 req/sec)