Continuation of sale and brokerage operations in Swanwick, Brixham and Chichester

This statement has just been released by the newly formed Opal Marine:

Opal Marine Limited, a substantially backed British owned company has today purchased the business and assets of BA Peters plc boat sales and brokerage business from its Administrators, KPMG. The purchase saves 30 jobs and Opal Marine will be taking on new staff to further strengthen its team.

Jane Moriarty, Joint Administrator and a Partner at KPMG, said: “I am delighted with the sale, which secures the continuation of business and provides certainty to the employees at the sale and brokerage businesses at Chichester, Swanwick and Brixham.”

Opal Marine remains headquartered at Chichester Marina and continues to enjoy ongoing representation with leading brands including Azimut, Rodman and Legend.

Opal Marine is firmly committed to the UK and European yachting market and is already placing orders for new stock. It looks forward to meeting customers, both old and new, at the Southampton boat show later this month.

However the future for many would-be new owners looks bleak, after KPMG also released this statement, revealing the difficulties creditors may face:

“Since our appointment we have been approached by a number of customers of BA Peters plc who have paid money to the company either in respect of goods and services that have not yet been provided or for brokerage transactions which are not yet complete. At the date of our appointment there was a balance of c.£651,000 in a separate account called BA Peters Client Account. However, we have been notified of claims in excess of £1 million for these unprovided goods and services or incomplete transactions. We have been reviewing the company’s books and records and the documentation supporting these transactions is not sufficiently conclusive to enable us to decide how to deal with these claims.”

“In order to try and bring this matter to a speedy resolution and minimise the distress to the individuals concerned we are going to apply to court for direction. It is our intention to notify all interested parties of the hearing date of the court application (once received) to ensure that the interests of all parties affected by this application are represented at court.”

The outlets of Peters Opal in Eastbourne, Gosport and Inverkip have closed. KPMG are looking to sell the operations in Ipswich, and in the Med in Spain and Mallorca.
Premier Marinas, who own Chichester Marina, have taken over the boat lifting and storage business there.

See our original story here 

Read more in the November issue of MBY, published 4 October.