The Leicester-based firm of PKF was called in by parent company Sailing Adventures when Marineforce could not repay a loan that was due at the end of September.

Three of Marineforce's shops were bought in July by Peter McLuskie and are running as Force 4. Of the remaining shops, the City branch closed when its lease expired, while the Victoria shop was closed by the receivers after no offers were received for it.

According to operations director, John Caskey, verbal offers have been agreed for the sale of the Chichester, Southend and Burnham shops and negotiations are under way for the Dover Street flagship, Captain O M Watts.

"It's a very sad thing, " said Caskey. "The only investment made in the company by Oliver Vaughan was the initial purchase. We never had any money to buy stock and - without stock - you can't look after customers."