Northshore Yachts in 'financial difficulties'
- Tue, 23 Apr 2013
One of Britain's most prestigious boatbuilding companies is understood to be in financial difficulties.
The trading future is uncertain for Northshore Yachts, the Itchenor-based manufacturer of the Southerly Yachts range.
FRP Advisory, the recovery and insolvency specialists, are advising the directors of Northshore Yachts and the works have closed.
A spokesman for FRP declined to comment. It's thought that discussions with creditors are proceeding as they consider how best to preserve their position.
Three years ago, on 19 April 2010, the Princess Royal visited Northshore Shipyard to open the new Southerly factory.
Accompanied by local dignitaries, Princess Anne - herself a keen yacht racer - took a tour of the new 13,000 sq ft factory and showroom, viewing yachts in build at various stages of construction.
During the ceremony, a plaque was unveiled to officially open the new Southerly Factory.
Established in 1971, Northshore builds bespoke yachts for oth the UK and export markets.
Speaking at the factory opening, John Warne, managing director, said: 'The new factory has given us the extra capacity we need for our increased demand.
'Exports account for approximately 40% of our market and we currently employ over 160 staff on two sites.
'We also offer modern apprenticeships for selected individuals as we believe it is essential to train a new generation of people to uphold the traditions of the company, whilst also ensuring continuity and success into the future.'
(Pictures: The Princess Royal at Northshore Shipyard opening the new Southerly factory in April 2010)