Defunct British boatbuilder went into debt quickly

Author:
Updated:
Original:

British sailboat builder Southerly Yachts had accrued debts of more than 800,000 pounds, or $1.3 million, when it went into liquidation at the end of last month.

The boatbuilder, based in West Sussex in southern England, was founded in the mid-1970s and counts more than 900 boats built and launched.

The company had only about $330 in cash as assets on the books when it folded, according to a report by Britain’s Yachting & Boating World.

Southerly Yachts, formerly known as SY Yachts Southern Ltd., was rescued from receivership in May 2013 with debts totaling almost 2 million pounds, or about $3.3 million.

A list of Southerly's latest creditors was published by Companies House. It has more than 50 claimants.

Related

The Calm Before the Storm?

Although key measures continued on an upward trajectory and unemployment numbers have fallen, the overall outlook for 2020 remains volatile.