Fletcher buyer on horizon

Receivers are confident they can find a buyer for failed sportsboat manufacturer Fletcher after receiving 'serious enquiries'

Administrative receiver Bill Dawson, a partner of Deloitte & Touche, who was called in to troubled UK sportsboat builder Fletcher International last week, says he is confident a buyer can be found for the company following a number of “serious enquiries” after the boatbuilder was advertised for sale in the Financial Times newspaper on Tuesday.

So far 41 redundancies have been made, leaving a workforce of 103 at Fletcher’s Burntwood, Staffordshire facility. Bill Dawson told IBI that more redundancies could not be ruled out at this stage. He added that Fletcher’s problems had stemmed from its financial structure: “There was simply not enough turnover given the level of assets and its borrowing,” he said.

Bill Dawson also stated, following the news of Fletcher managing director, Steven Castle’s sudden death, that : “We are obviously shocked and saddened by Steven’s death. Our thoughts are with his family, friends and colleagues.”