Green Marine, which was behind Alex Thomson's IMOCA 60 HUGO BOSS and the Volvo Ocean Races VO65s, has gone into liquidation after a slow down in large orders
The Hampshire composite racing yacht builder, Green Marine, has ceased trading after going into liquidation.
The award winning firm was behind some of the most significant custom racing yachts of the last five years, including Alex Thomson’s 2015 IMOCA 60, HUGO BOSS, the high performance VO65s for the 2014-15 Volvo Ocean Race and the 30-metre Wally, Galateia.
The firm has blamed a slow down in large orders for the decision, which has resulted in the lost of 46 jobs.
Working from a state-of-the-art composite production facility at Hythe Marine Park near Southampton, Green Marine’s core business was building custom racing yachts, high performance superyacht hulls and lightweight components in carbon fibre composites.
Green Marine, which was bought by the Dutch boatyard, Vitters, in 2010, also worked on Land Rover BAR’s America’s Cup test boat, T2, which was build in Green Marine’s sheds.
Insolvency specialist Peter Hall, who was instructed to place the company into voluntary liquidation, said it was an “emotional time” for the employees and directors of Green Marine.
“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,” he said.
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“Sadly, this failed to materialise in time. 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,” added Hall.
Established in 1982, Green Marine has built more than 180 composite boats
Seven years ago, the firm moved from its premises in Lymington and Southampton (Spitfire Quay) to larger leasehold premises at Hythe Marina where substantial investment was made to enable the company to work on several large projects at once.