Explaining the reasoning behind the decision to buy the Bowman and Starlight brands, Offord said: "The range and profile of the company fits in perfectly with our future plans for Rustler."

The Bowman 42, 45 and 48 and the Starlight 35, 39 and 46 are all proven, well-made blue water cruisers, he said, and complement Rustler's profile in both build quality and philosophy.

On moving production to Falmouth, Rustler managing director, Chris Owen, said: "It makes good economic and business sense to centralise the new company in one place.

Moving production and overall control to Falmouth means we can take advantage of the huge skills and knowledge base in the area, and the new venture will create up to 50 new jobs."

No name has been announced yet for the new company. Offord would say only that it's a simple name that conveys the overall strength and heritage of all three brands perfectly.

Rival Yachts was founded in 1965 in Southampton to build the Peter Brett-designed Rival range of boats. Over 500 Rivals were built over the years.

Bowman was added in the early eighties and - 10 years later - Sadler International was added, with the Sadler 29 and 34 alongside the Stephen Jonesdesigned Starlight 35 and 29.

Before going into receivership, Rival Bowman's range included the Chuck Paine designed Bowman 42, 45 and 48, plus the Stephen Jones designed Starlight 35, 39 and 46.