Wednesday, 1 May 2013
Sealine International in administration
The luxury yacht maker Sealine International, based in Kidderminster, has gone into administration with the loss of 230 jobs.
In a statement, the administrators at Baker Tilly Restructuring and Recovery said they have given redundancy notices to 234 employees and are assisting them to make claims against the government redundancy fund.
The administrators said they would be working to "maximise recoveries for the company's creditors", which includes the sale of plant and recovery of monies owed to the business.
Sealine became one of the so-called 'Big Four' British yards following strong growth throughout the 1990s. It enjoyed recent success with the SC35/S380 sportscruiser.
Sealine made a £4m pre-tax loss on a turnover of about £33m in the year to 31 December 2011, according the latest available accounts. It had been loss-making for a number of years.
If you are an employee of the business then please take a look at our facebook page where you can see our guide for redundant employees.
Posted by Robert Moore at 08:38