Joint liquidators have been appointed to a UK-based boat refit company established by two ex-Princess Yachts employees.
Yacht Solutions Europe, based in Turnchapel Wharf marine business park, Plymouth, has debts of more than £600,000.
The company, run by Dave Watson and Paul Eccles, provided refit and repair services including custom carpentry, engineering, retrofitting and upholstery and had nine employees.
An American arm of the business was established in Florida in 2023.
Yacht Solutions Europe was set up in 2021 after Dave and Paul acquired the assets of Yacht Solutions Worldwide in a pre-pack deal. That company was dissolved in 2024 leaving debts of more than £280,000.
Cash flow
Yacht Solutions Europe had faced difficult trading conditions and had been having cash flow problems.
Documents filed at Companies House show Yacht Solutions Europe had debts totalling £608,542 including nearly £147,000 owed to HMRC for unpaid PAYE and unpaid VAT of around £30,000.
Around £240,000 is owed to a lender, banks and financial institutions while 21 trade creditors are claiming £34,700.
The American arm, Yacht Solutions USA, is claiming nearly £71,000.
The liquidators will now carry out the statutory processes involved with a company’s liquidation including realising the company’s assets and reviewing its affairs.
