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

Offshore

FLNG Prelude: A New Dawn in the Age of Maritime & Energy

Longer than four football fields, as big as six Nimitz-class aircraft carriers and almost as tall as the Taipei 101 skyscraper, Royal Dutch Shell PLC is hoping that its record-setting,

Corvus Energy, GMC Close Financing Agreement

Corvus Energy today announced that it has completed a strategic investment by Green Marine Capital (GMC) previously announced on May 5, 2014. Green Marine Capital,

Valemon Topsides Installed

On Monday, July 28, the topsides were lifted into place on the steel jacket on the Valemon field in the North Sea. Produced by Samsung Heavy Industries this is

News

HMS Prince of Wales Delivery Begins

A huge section of hull for HMS Prince of Wales, the second aircraft carrier being delivered to the Royal Navy, has today departed BAE Systems in Glasgow on a 600-mile

Gondan to Build Spanish Patrol Boats

Gondan Shipyard has recently signed a contract with the Guardia Civil, Spain’s Civil Guard, for the building of two patrol boats. The aluminum and fiber (PRFV ) vessels will measure 20.

Marseilles Fos Reports Mixed First Half

First-half container traffic at leading French port Marseilles Fos totalled 583,287 teu – up 7% on the first six months last year - marked by a 10% increase at the deepsea Fos terminals.

Vessels

UN Throws the Book at North Korea Ship Operator

A U.N. Security Council committee on Monday blacklisted the operator of a North Korean ship, which was seized near the Panama Canal last year for smuggling Soviet-era arms,

HMS Prince of Wales Delivery Begins

A huge section of hull for HMS Prince of Wales, the second aircraft carrier being delivered to the Royal Navy, has today departed BAE Systems in Glasgow on a 600-mile

Gondan to Build Spanish Patrol Boats

Gondan Shipyard has recently signed a contract with the Guardia Civil, Spain’s Civil Guard, for the building of two patrol boats. The aluminum and fiber (PRFV ) vessels will measure 20.

Wind Power

Westermeerwind Wind Farm Construction Begins

Mammoet announced today that Westermeerwind BV has reached financial close on July 25 for the turnkey construction of the Westermeerwind wind farm in Ijsselmeer,

6 MW Offshore Wind Turbine of Siemens Certified

Siemens Energy has obtained type certification of DNV GL for the company's innovative D6 offshore wind turbine. The model Siemens SWT-6.0-154 is equipped with a modern direct drive generator,

Harnessing the Wind for Auxiliary Propulsion

Finnish marine engineering company Norsepower Oy Ltd. announced that it will bring to the commercial maritime market an auxiliary wind propulsion solution aimed

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.1557 sec (6 req/sec)