Specialising in selling, servicing and repairing inboard and outboard boat engines, the company has written to customers and contacts citing the prevailing economic downturn and poor weather.

The second business is the Boathouse, which is selling off its chandlery business to concentrate on the rigging side citing high business rates and the poor summer weather as one of the reasons.

Custom boatbuilder Cygnus Marine is the third business in the town which is undergoing changes.

The company, which employs more than 30 staff and has been trading for 30 years, is up for sale with has an asking price of £1.8m or £500,000 for the business without the premises: retirement is being cited as the main reason for the sale.