The pair had a seemingly rough time trying to sell badlybuilt units into the US market.

"We got our hands dirty, " said Wagstaff, explaining how they had finished the boats off themselves.

Wagstaff, a chartered accountant, and Vicks, a print farmer, joined forces with Stephen Williams "I'm more on the development and marketing side". Together, the trio signed the deal on December 12, 2002.

The new company has little to do with the old. "Richard Oddie is no longer involved, " said Wagstaff, "except for leasing the properties to the new company."

"We will bring the company under one roof, " said Vick.

"And we're taking some of the old Birchwood staff back." The new company has been paying 12 of the staff since September, he added.

Rumours that the Mansfieldbased company was in trouble began to circulate early last summer. Birchwood Boat Company went into administration on August 23 "after experiencing short term liquidity difficulties". Some 45 employees were made redundant at that time.

The new team says it will rationalise production. "We 're looking all the costings, " said Wagstaff.

"The existing range stays, but our dealers tell us they want an entry-level boat around the 29ft mark."

The production will be run by managing director Ian Willgress, mainstay of the original Birchwood company.

"We will leave the boatbuilding to the people who know how to do it, " said Vick.

Birchwood builds the Challenger, Commando and Crusader ranges.