Leading British boatbuilder is latest recession victim
Select Yachts have gone into voluntary liquidation. The company built the Cornish range including the Crabber and Shrimper, the Hunter Mystery 35, the Hunter Link and other boats in the Hunter range.
The Cornish boatyard is closed and all 20 employees have been made redundant.
Creditors have been sent letters advising them of a forthcoming credtiors’ meeting.
Frank Colam, owner of Select Yachts, told Practical Boat Owner that all customers’ deposits have been returned, there are no part-built boats, and no customer has been left out of pocket.
Creditors include suppliers and the Inland Revenue.
Colam says, ‘This country is caught up in the international financial stress. The pressures on Select Yachts were too great, with people holding back on orders till they could see light at the end of the tunnel. The Inland Revenue insisted on payment and were not prepared to consider a holiday.
‘The huge sums that have been invested in bailing out the banks have as yet had no effect on the man in street, and the total lack of support by government to small and medium businesses has resulted in us having to go into voluntary liquidation.
‘We are currently in discussion with the receivers, their interest is to ensure that the creditors are looked after and it is my intention to remain resilient and fight and build the Crabbers and British Hunters on this site again.
‘As a family we have sunk every penny and more into this business and will lose our homes because of this. I am currently looking for investors who will come alongside and wave the British flag with us.
‘We are truly disappointed that the government departments have put us under this pressure and we have to let down our suppliers.
‘Watch this space, we are doing our best to be back.’