Aurelius, which owns Hanse, picks up two models and Sealine brand out of administration
The future of Sealine lies overseas, it was revealed today, as a European investment company emerged as the buyer of the Sealine brand and its 380 and 450 models.
Aurelius will continue to produce the Sealine 380, formerly known as the SC35, and the S450 and F450 models overseas and under contract.
Another unnamed entity has picked up the 380 and 450 models that were in production as Sealine went under, and will finish them overseas, a statement from administrators Baker Tilly said.
The intellectual property for the remainder of the Sealine line-up – the F490, C490, T50 and T60 – remains up for grabs, although whoever buys them will not be able to brand them Sealines since the rights to the name have been bought by Aurelius.
The process to sell off the remaining plant, machinery, equipment and stock is now under way, after which the freehold premises in Kidderminster will be sold as well.
Sealine fell into administration in April with the extent of the company’s financial problems revealed in a recent creditors’ report.
The yard made a pre-tax loss of £10 million in the 15 months to March 31, 2013, and it has been reported that creditors are set to lose out on around £20 million still owed by the company, which includes around £1 million owed to staff.
It was also revealed that administrators received 64 expressions of interest from potential bidders and hosted 16 factory visits, although it’s not known how many offers for the yard were tabled.