Corporate insolvency firm Leonard Curtis has been appointed to look after the sale of Lymington Boat Makers – formerly Scorpion RIBs – after the Hampshire-based company went into administration.
Mainly producing vessels for the leisure sector, the former Seawork exhibitor formed a commercial division in 2013, which included the fast patrol boat Scorpion Sting Cabin Top.
“The firm survived Covid restrictions in 2020 but has since faced other difficult market conditions,” said Leonard Curtis account manager Gareth Lloyd. “The outbreak of the war in Ukraine resulted in prices increasing rapidly. With contracts already agreed for a fixed price with its customers, the company - like others - has felt the squeeze on profits. At the same time interest rates began to rise and finance for luxury goods became more expensive, resulting in sales falling.
“Following expert guidance, it was agreed that whilst the company no longer had sufficient cash flow to continue trading, there remained potential in the underlying business.”
“Before the marketing was fully circulated we were already receiving expressions of interest and we are hopeful that a sale can be achieved with so many parties already commenting that they will make an offer,” said joint administrator Nicola Layland.
“It is positive to see so many interested parties - showing the strength of the Scorpion brand. It appears that if the business can be moved into a viable company it could have a promising future.”
At the time of writing, Lymington Boat Makers had not responded to Maritime Journal’s requests for comment.
