Whittley names administrators for restructuring

Author:
Publish date:
Social count:
0

Deloitte partners Sal Algeri and Tim Norman were appointed as administrators of Australian boatbuilder Whittley Marine Group by the company's directors.

"The voluntary administration is part of the Whittley Marine Group's global restructuring process," managing director Neville Whittley said in a statement. "The Whittley family will be working with the administrators to ensure the quality and functionality of the business."

Whittley Marine Group has been an Australian "family-style" boatbuilder since 1953 and is Australia's largest fiberglass trailer boat group.

Prior to the global economic downturn, the firm's production capacity was in excess of 1,000 boats at its Australian manufacturing plant. However, according to Algeri, in the last 12 months the firm's sales have been significantly impacted by the downturn in the economy.

"The administrators are looking to preserve the long-term viability of the business and are hoping to restructure the business using the voluntary administration process," Algeri said in a statement. "Our key focus in the short term is to contact all key customers and suppliers to establish the terms upon which trade will continue to allow the business to continue to trade."

Click here for the full release.

Related

Sales stagnate in March

Overall boat sales in March were slightly lower compared to last year and year-over-year growth was down by just over 1 percent, according to Statistical Surveys Inc., data that was gathered for 30 states.