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High performance yacht builder enters liquidation having failed to secure orders

09 Oct 2017

The IMOCA Banque Populaire VIII for which Green Marine’s skills were called upon for the deck mould and structure

Composite boat builder Green Marine has entered liquidation having failed to secure an anticipated superyacht order.

The racing and performance yacht builder said it had seen a slowdown in orders over the past 12-months which in turn has seen its workforce depleted.

The remaining 46 workers have been made redundant and the company ceased general trading on October 4.

“In the last three months, the company was expecting a significant order, the hull and superstructure for a super yacht, which would have returned the company to profitability. Sadly, this failed to materialise in time,” said Peter Hall, director of insolvency company Peter Hall that has been instructed to place the company into creditors’ voluntary liquidation.

“It highlights the issues facing companies which rely on a low number of very high value projects. It’s very much a family business so an incredibly emotional time for the directors and employees.”

The company was formed in 1982 and over the years has built and bee involved with more than 180 composite boats including for the Vendée Globe, America’s Cup and Volvo Ocean Race.

Formerly based in Lymington and Southampton, Green Marine moved to larger premises at Hythe Marina seven years’ ago and carried out substantial investment into new equipment.

In 2016 several key personnel left to set up Fibre Mechanics based in Lymington carrying out composite yacht construction, lightweight systems and interiors and composite yacht build consultancy.

The liquidator will be appointed on 18th October. A spokesman for the company said the amount of debt was still being assessed.

via Boating Business | High performance yacht builder enters liquidation having failed to secure orders.