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Defunct British boatbuilder went into debt quickly - Trade Only Today

Defunct British boatbuilder went into debt quickly

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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.

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