Three South Coast bases cease trading
SailTime, the world-wide fractional membership franchise, has confirmed that Sailtime Bases Ltd, which ran three of its UK sailing club bases at Hamble, Gosport and Poole, has ceased trading.
An insolvency practitioner has been instructed to arrange Creditors’ Voluntary Liquidation.
A CVL will not affect SailTime bases or members beyond Hamble, Gosport and Poole.
The ‘weight of historic debt’ is cited as the cause of the company’s difficulty, not membership, which has risen.
To try and maintain continuity for members, Richard Davies and Richard Bowden-Doyle, both of whom are owner-members with a wealth of relevant experience, are looking to take over these SailTime bases, with the support of SailTime Group LLC, the US-based franchisor.
SailTime Europe is also looking at liquidation, therefore SailTime Group LLC is taking direct control of relationships with all European franchisees and removing the SailTime Europe layer from its structure.