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 August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Yamal LNG Arctic Project in Doldrums

The massive $27 billion Yamal LNG liquefied-natural-gas venture in the Arctic Circle, a centerpiece of President Vladimir Putin’s plan for Russia has been squeezed by U.

Sailboat Catches Fire off Honolulu

A sailboat with five people aboard caught fire off Honolulu, Thursday, promting responsefrom the U.S. Coast Guard who sent a 45-foot Response

MHI, SBG Invest in Wind Energy Startup Altaeros Energies

Mitsubishi Heavy Industries, Ltd. ("MHI") and the Suhail Bahwan Group ("SBG") have invested in Altaeros Energies, a Massachusetts-based technology company, to

News

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

Wärtsilä Scrubbers for Finnlines Vessels

Finnlines, a Ro-Ro and passenger vessel operator with services in the North and Baltic Seas, has contracted Wärtsilä to supply three of its vessels with exhaust cleaning scrubber systems.

Dutch Green Ports to be Model for Turkey

Netherlands will be a model for Turkey’s ports within an environmentally-friendly Green Port implementation, says Daily News.   Port of Amsterdam and Dutch officials

Vessels

Wärtsilä Scrubbers for Finnlines Vessels

Finnlines, a Ro-Ro and passenger vessel operator with services in the North and Baltic Seas, has contracted Wärtsilä to supply three of its vessels with exhaust cleaning scrubber systems.

North Korean Black-listed Ships in Russia

 North Korean vessels owned by Ocean Maritime Management (OMM) have been seen using Russian ports, says the NK News vessel tracker.   OMM was sanctioned

Sailboat Catches Fire off Honolulu

A sailboat with five people aboard caught fire off Honolulu, Thursday, promting responsefrom the U.S. Coast Guard who sent a 45-foot Response

Wind Power

MHI, SBG Invest in Wind Energy Startup Altaeros Energies

Mitsubishi Heavy Industries, Ltd. ("MHI") and the Suhail Bahwan Group ("SBG") have invested in Altaeros Energies, a Massachusetts-based technology company, to

What Have We Learned From Hurricane Katrina?

To mark the 10th anniversary of Hurricane Katrina, specialist insurer Allianz Global Corporate & Specialty (AGCS) has released a report analyzing windstorm risks

CWind Awarded O&M Crew Transfer Contract

CWind, a provider of integrated services to the wind industry, announced it has won a three-year contract to supply crew transfer services during the operations

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 1.6718 sec (1 req/sec)