130 staff made redundant

PetersOpal, one of Europe’s biggest boat dealers, has gone into administration, it was confirmed this evening.

One hundred and thirty staff at the company’s 10 bases in the UK and Spain have been made redundant, KPMG, the administrator, said. This leaves just 50 staff on the payroll.

According to the firm, PetersOpal had a turnover of around £82m for the 16 months ended December 2006.

This news confirms rumours that began circulating on Monday that the company was in trouble.

The business operates six marinas in the UK, and four in Spain, and currently has licence agreements with Azimut, Bavaria, Legend, Rodman and Island Packet.

It also runs a boatyard in Chichester and is one of the UK’s largest approved service agents for the key suppliers of Volvo Marine and Raymarine.

KPMG said that it is now reviewing the financial position of the company and is “actively seeking a buyer for the business”.

Jane Moriarty from the firm said: “Due to difficult trading conditions the company has experienced extreme cash flow problems. Although the business continues to trade, we have unfortunately had to make 130 members of staff redundant.”

MBM will keep updating this story as more details emerge.

PetersOpal UK sales sites: Chichester, Ipswich, Eastbourne, Gosport, Swanwick, Brixham, and Inverkip (all leasehold).

Spanish sales sites: Mallorca (Cala d’Or), Sotogrande, and Denia.