Canadian boatbuilder seeks a buyer - Trade Only Today

Canadian boatbuilder seeks a buyer

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Canadian boatbuilder Grew Manufacturing is in the care of a receiver and looking for a buyer.

The company has liabilities of more than $2 million and about 100 creditors, receiver BDO Canada Ltd.’s Bill Courage recently told the Owen Sound Sun Times newspaper.

The company's manufacturing plant south of Owen Sound in Ontario has been idle for three months since Grew president David Cameron shot and wounded an employee there, then ended his own life in an armed confrontation with police Feb. 21 near Kemble, the newspaper said.

“Eventually the family was unable to continue the business and was unsuccessful in their attempts to sell it,” Courage said. “Our goal is to try and sell the business and try and save the jobs, albeit nobody's worked for three months.”

Courage said there are no guarantees that the company will continue, let alone remain in Owen Sound once the assets are sold. He said he expects an outcome in two months or more.

Courage has had some preliminary interest. The land, buildings, equipment, inventory, boats, trailers and scrap are among the assets for sale.

The company’s website says Grew Manufacturing traces its roots to 1882, when it was known as Gidley Boat Works. In the late 1920s, a local craftsman named Arthur Grew took over the operation and was instrumental in forming the present-day company.

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