Advice for those affected

Administrators Begbies Traynor have put out a statement with regards to ailing boat share firm Challenger Syndicateships.

Worcestershire-based Challenger offer shared ownership of motoryachts and narrowboats in the UK and Med.

The firm called in the administrators just before the Collins Stewart London Boat Show this month.

They have ‘ceased operations’, say Begbies Traynor, but the administrators are working to salvage management of the syndicate, ‘with a view to providing continuity of services to members as soon as possible’.

Syndicate members, of which there are at least 400, have all been contacted and advised of the situation.

Established in 1989 by Ed and Gill Rimmer, Challenger Syndicateships initially operated as a management syndicate of narrow boats throughout the UK.

The partners founded a limited company, Challenger Syndicateships Limited, in 1997 to facilitate the purchase of a number of larger motorboats, including a Sunseeker Manhattan 56 (pictured), in Spain and France. They also purchased a Broom 50 and Fairline Squadron.

They also built a portfolio of rental villas in Tenerife and northern France.

David Wilson of Begbies Traynor said: “In recent months the company and the partnership have suffered a number of financial difficulties. These have resulted in both being taken into administration and the need for a rescue package.”

Those immediately affected by the administration of Challenger Syndicateships, or any parties in a similar situation who may require financial guidance should contact D.F. Wilson and J.N.R. Pitts of Begbies Traynor. Tel: 44 (0)113 237 5560.