Administrators looking for buyers

The Tarquin Boat Company, the firm behind the Trader range of motoryachts, has appointed administrators who are now looking for a buyer for the company.

Carl Faulds and James Tickell of Portland Business and Financial Solutions were appointed administrators on Tuesday 9 June.

They are inviting potential buyers for the business to come forward, and say already some Trader owners have expressed an interest in investing in the company’s future.

A spokesman for Portland Business and Financial Solutions told MBY: “Our role very much is trying to deal with existing boats which are in production and looking for buyers.

“We have only been involved for 24 hours but it is a sign of the times. People are not spending the kind of money on luxury goods that businesses like this need them to.

“They have got current orders and we’re working through them but in terms of the future they have suffered a drop-off.

“We’re still trying to work through where each sale is at. Customers are being contacted as we do so.”

However he asked any Trader customers or potential buyers to get in touch with Portland.

The firm does not have any stock boats to sell off.

Family-run firm Tarquin are the highest profile UK marine industry victim of the recession so far.

CEO Tony Chappell has been a key figure in the UK marine business for the past 30 years, selling boats to customers worldwide from his Emsworth base. Tarquin have their boats built in Taiwan and China at two separate and independent boat yards which continue to build yachts for other brands, including Monte Fino.

The news will send shockwaves throughout the industry and perhaps persuade other builders to tighten their belts yet further until the economy shows signs of improving.

Trader unveiled plans for their innovative 38 Sprint in November last year to wide acclaim, selling the first boat off-plan.

Earlier this year the firm unveiled their impressive Trader 75, a new flagship and a move into the lucrative big boat market.

The launch was timed to coincide with the marque’s 30th anniversary.

Contact Portland Business and Financial Solutions. Tel: 44 (0)1489 550 461.

See Trader MD Tony Chappell’s comments on the news that Trader is in administration .