Green Marine enters liquidation

alexbaldwin
By alexbaldwin October 12, 2017 11:53

Green Marine enters liquidation

Hampshire-based shipyard Green Marine has ceased trading, resulting in the loss of 46 jobs.

The shipyard has blamed its liquidation on slowing orders and “uncertainty of future business” over the last 12 months. It was expecting an order to build a superyacht hull and superstructure that failed to close.

Its core business was designing high performance racing yachts but it also designed the hulls of a number of larger sailing yachts. This includes the 33-metre Ribelle, featuring a carbon fibre hull and interior design by Remi Tessier.

Green Marine will reportedly complete its existing projects before ceasing operations.

The company was owned by Dutch shipyard Vitters. It released a statement saying: “The decision had to be taken due to the current uncertainty of future business and the changed business environment.

“For specialised companies, such as Green Marine, which depend on a low number of high-value projects, it is very difficult to keep a constant level of people employed with fixed overheads. At the moment, the future possibilities for a new business approach are being investigated.”

Vitters acquired Green Marine in 2010, moving the company from its base at Lymington and Southampton to a state-of-the-art facility at the Hythe Marina to help expand its operations.

“Low number, high price”

Business and insolvency advice firm Peter Hall will be appointed as liquidator of Green Marine, offering advice to the company as it ceases trading.

Commenting on the insolvency, Peter Hall, director of Peter Hall, said: “In the last three months the company was expecting a significant order, the hull and superstructure for a super yacht, which would have returned it to profitability. 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.”

alexbaldwin
By alexbaldwin October 12, 2017 11:53

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