Fri, 01 May 2020 | ADMINISTRATION
Windboats Marine, a Norfolk boat maker dating back to 1920, has gone into administration following a “general downturn in orders” during the coronavirus crisis.
Mark Upton and David Scrivener of Ensors Chartered Accountants have been appointed joint-administrators of the business. The company’s 60 staff have not been made redundant, with the administrators saying they are hopeful of finding a buyer for the business.
The company is based in North Walsham and operates as both a boatyard and boat-builder. It has built the Gunfleet luxury cruising yacht and Hardy motor yachts.
Mark Upton commented that: "Unfortunately the Covid-19 pandemic and the disruption caused by that, together with a downturn in orders and cash flow difficulties has meant that Windboats Marine Limited has had to enter administration.”
"The company has a well-respected name in the market and builds a fantastic British product with a highly skilled workforce and we are hopeful that we will be able to find a buyer for the business."
Founded in 1920, the company has changed hands numerous times since, being purchased in 1946 by Donald Hagenbach, who changed the company’s name to Windboats. It was purchased by Trevor James in 1974 and has remained in the family ever since, moving from Wroxham to North Walsham boatyard in 2018.
According to the company’s most recent accounts, to the year ending March 31 2019, it had fixed assets of £702,912 and current assets of around £1.1 million.
View the latest distressed UK businesses here.
Operates globally, with circa 66% of customers based outside the UK. Long-standing relationships with customers in the agricultural, leisure and civil engineering sectors, with some spanning up to 30 years.
FREEHOLD
Well-established company operating for nearly 35 years. A wide range of timber products are produced and tested for energy efficiency under the BSI Kitemark scheme. Produces timber sash windows, PVC sash windows, timber casement windows and doors, bi...
LEASEHOLD
A highly regarded provider of high-quality plain and printed self-adhesive roll labels to a global market.
FREEHOLD
|
02
|
|
Aug
|
TGM Partners scoops up manufacturing firms in double acquisition | BUSINESS SALE
TGM Partners, a company specialising in the acquisition and ...
|
02
|
|
Aug
|
Victoria’s Secret UK placed into liquidation | ADMINISTRATION
It has been announced that lingerie retailer Victoria’...
|
30
|
|
Jul
|
UK insolvencies rise 31 per cent in Q2 | BUSINESS NEWS
According to figures from The Insolvency Service, company in...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources