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Southern Motorboats in administration
18 Aug 2008
Mike Field, an associate at Portland, told BB the directors had made the decision after a ‘significant downturn in sales, amounting to some 30% down on the previous 12 months’.
Added to that, the strength of the euro had put some 20% onto the price of a Jeanneau and people are simply not spending as much on luxury goods.
The 12 employees were made redundant on the day of the administration, said Mr Field, and a rescue plan is being put together. The directors want the business to survive in one guise or another, he added.
Creditors’ letters went out in last night’s post and Mr Field hopes that within eight weeks, or before, there will be a plan on how the business will be dealt with.
'‘We’re currently meeting with the company’s banker, Barclays, and the company’s financiers in terms of the stocking, which is the Bank of Scotland, to agree a strategy to deal with the stock and other assets,’ said Mr Field. ‘There are 23 boats available for sale with discounts to be had.’
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