Dec 2013 STOP PRESS : Update : HanseYachts buys Sealine : https://maritimo48.com/2013/12/22/hanseyachts-buys-sealine/
Original Story May 3013
It’s old news (from May 1st apparently) but it seems that Sealine the UK based boat manufacturer that has had a bit of a renaissance over the last few years with some interesting models and design features has gone into administration. The much vaunted “recovery” in boat sales came a bit to late for this brand. Problems in achieving Sales perhaps coming from the change in type of boats buyers are looking for nowadays ?
Here are some Press Reports on Sealine’s demise from around the web.
Private equity-backed yacht builder Sealine goes bust
US-based private equity firm Oxford Investment Group has failed to turn around luxury yachts builder Sealine International, which has collapsed into administration.
Graham Bushby and Guy Mander of Baker Tilly Restructuring and Recovery will now take over as joint administrators of the West Midlands-based business.
Sealine has underperformed for a number of years. In 2011, the company posted a £4m loss on revenues of £33m.
Oxford acquired Sealine in August that year and said it would work on expanding the business.
Baker Tilly partner Graham Bushby said, “We appreciate that there will be great uncertainty among staff and we will endeavour to update them at the earliest opportunity.
“We will also be working to maximise recoveries for the company’s creditors, which includes the sale of plant and recovery of monies owed to the business.”
Oxford, which is headquartered in La Jolla, California, targets underperforming or growth companies with revenues of over $20m in the US, Western Europe, Australia and China.
Sealine boat builders: 234 made redundant
Sealine has been trading from Kidderminster for over 40 years
Administrators at a Worcestershire luxury boat company have issued redundancy notices to 234 staff.
Sealine in Kidderminster is one of Europe’s biggest makers of boats.
Baker Tilly Restructuring and Recovery LLP said it was assisting staff “to make claims against the government redundancy fund”.
Sealine has been trading since 1972. It was bought by the Brunswick Corporation in 2001 and was sold to another US firm, Oxford Investment Group, in 2011.
Administrator Graham Bushby said: “We will also be working to maximise recoveries for the company’s creditors, which includes the sale of plant and recovery of monies owed to the business.”
May 16, 2013 10:59 am
Firms throw new jobs lifeline to axed workers at Sealine boat company
Workers axed by luxury Midland boat maker Sealine are being thrown a lifeline from companies far and wide who are seeking skilled engineers.
Major yacht-builders Sunseeker, in Dorset, have told Wyre Forest MP Mark Garnier they are keen to recruit up to 82 skilled marine engineers and boat-builders from the 234 staff made redundant from Sealine, in Kidderminster, two weeks ago.
While Jaguar Land Rover have contacted the Community Union inquiring about maintenance technicians and engineers for its plant in Castle Bromwich.
Hatt Kitchens, in Hartlebury, have also requested carpenters through the Job Centre, while Cab Automotive, in Tipton, and Breakwells, in Kidderminster, are looking for drivers.
Sunseeker and Jaguar Land Rover are among the firms which will send representatives to a jobs fair at Kidderminster Town Hall between 10am and 2pm on June 7.
MP Mark Garnier, who is spearheading the fair, said: “What is fascinating is that we have been taking calls from Sunseeker and Jaguar Land Rover who are seeking skilled workers.
“I am quite optimistic that these workers from Sealine will be picked up quickly by other companies.
“We now have 40 companies represented who will be showcasing themselves at the fair and seeking to take on workers. We expect about 300 to 400 jobs to be on offer.”
Baker Tilly Restructuring and Recovery was appointed administrators for Sealine following the announcement of their collapse.
Spokesman Frank Shepherd said they had already received interest from 50 parties, with some shown round the site, but said there was no further update.
He said: “We have shown people around the Kidderminster site and have received an encouraging level of interest.
“We are hopeful of a sale but there are never any guarantees.”
Meanwhile workers from Sealine are battling for compensation.
More than 100 workers made redundant by the Kidderminster firm packed a meeting organised by the Community Union last week.
Officials are now applying for a protected award on behalf of the 234 staff and will also pursue unfair dismissal claims.
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