South Boats bought by Alicat

The Gardline Group, which owns Alicat Workboats, confirmed to Maritime Journal today that it will be creating a new company to continue to operate the business and although at this stage no existing jobs have been guaranteed a spokesperson told MJ it is Alicat’s aim “to preserve employment”.

As a new venture, the new company will form one of the leading specialist in the manufacture and service of crew transportation vessels to offshore wind farms.

Nigel Darling, director at Alicat Workboats said: “We are delighted with this acquisition and feel it both complements the company’s activities and secures the future of boat building on the island (Isle of Wight). With the backing of Alicat Workboats, the clients of South Boats can be assured of the continued supply of quality vessels.”

Joint-administrators David Clements and Richard Toone from national accountancy firm and corporate recovery specialists Chantrey Vellacott DFK were appointed as administrators on 25 October. Asset valuation and sales agent, SIA Group managed the purchase.

Chantrey Vellacott DFK said that South Boats had a strong reputation and a healthy order book of some £21m and further enquiry pipeline of some £35m, which clearly made the company an extremely attractive proposition.

South Boats went into administration after reportedly suffered financial problems mainly due to a combination of the challenge of rapid growth, significant design investment, new product introduction and expansion of manufacturing footprint.