An established ironmongers and yacht chandlery business on the Isle of Wight is being marketed as a going concern after
going into administration this week.
Harwoods in Yarmouth, which dates back to 1893, is believed to have experienced problems turning its debts around since 2002.
It was being run by Phillip Stovold when Susan Robinson, the owner of the freehold, called in an administrator to manage its financial affairs.
Stovold told reporters from the Isle of Wight County Press that he injected over £180,000 into the business in the past three years.
He added: "Harwoods was in a critical and seriously indebted state in August 2002, despite being a successful and profitable business, and it has been a very tough challenge turning that around - unfortunately one we cannot now complete."
Stovold was also a director of Bembridge-based water activities company X-Isle Sports, which ceased trading last year.
The firm ran kite-surfing, wind-surfing, surfing, water-skiing and wake-boarding courses, and owed money to numerous individuals who had paid deposits up-front at the time of its collapse.
In a message posted on the company's website, customers were informed it had few assets and would therefore would be unable to issue refunds.
