Chalk had planned to set off next year on a record breaking solo voyage in a boat that was being built on the Teignmouth seafront Den location in a shed that had no planning permission and angered local residents, who complained about the eyesore of the building and visitor centre.

The project, dubbed ‘Spirit of Teignmouth’ from the outset, was given time by the council to get the boat finished, but with mounting debts, it has come to an end with the loss of 43 jobs.

Assets will be sold to pay creditors – the building has already been sold on eBay - but the future of the partly completed trimaran is uncertain.

Woodvale Events has been put into voluntary administration but Chalk says the next Atlantic Rowing Race scheduled for November 2007 will still go ahead.