UK, Mansfield-based boatbuilder Birchwood Boat Company, which went into administration last year, has been sold to Birchwood Marine Limited
UK, Mansfield-based boatbuilder Birchwood Boat Company, which went into administration on Friday August 23 after experiencing short-term liquidity difficulties, has been sold, along with its assets, to Birchwood Marine Limited.
The manufacturer of 10.7m-15.2m (35ft-50ft) motorcruisers, was bought for an undisclosed sum and safeguards the remaining 11 employees of the firm. 45 employees had been made redundant in August. Of the management team, only the managing director has transferred to Birchwood Marine Limited, which has completely new shareholders from Birchwood Boat Company Limited.
Birchwood Marine Limited and its associated company, Birchwood Commercial Craft, had been subsidiary company’s of Birchwood Boat Company, but had not been subject to the Administration order and continued to trade unaffected.
Birchwood Boat Company had employed 77 staff and had a turnover last year of GBP4m-GBP5m.
Neil Brackenbury a partner in administrator Kroll’s Corporate Advisory & Restructuring Group commented: “We are pleased to announce the sale of Birchwood Boat Company, which ensures that the heritage and reputation of the Birchwood name continues and should provide the remaining employees with a more secure future.”