British builder Southerly Yachts goes under

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One of the biggest sailboat names in British boatbuilding, Southerly Yachts, has folded again, according to several British publications.

The builder, which once employed 165 people at Itchenor Shipyard in Chichester in southeast England, and its molding operation in nearby Havant, went down with the loss of 50 jobs, according to the Chichester Observer.

“This latest debacle comes just 13 months after the brand had been ‘rescued' from an earlier receivership with debts of 1,972,520 pounds ($3,272,262 in U.S. dollars),” Barry Pickthall writes in the British marine publication Practical Boat Owner.

Southerly, which built variable draft cruising sailboats from 32 to 67 feet, has been in operation since the mid-1970s and has built more than 900 boats.

At a creditors meeting on Aug. 22 it was announced that efforts to refloat the building arm of the business had failed and that once three yachts under construction for customers were completed, production of the Southerly brand would cease, Practical Boat Owner reports.