Ribcraft Limited, the Yeovil, UK-based manufacturer of specialist rigid inflatable boats, is set to enter creditors’ voluntary liquidation, with 18 employees made redundant following financial difficulties at its UK operation.
A notice has been posted on the public record publication The Gazette, stating that the company will be wound up voluntarily and that Neil Frank Vinnicombe and Paul Wood have been appointed as joint liquidators.
Neil Vinnicombe and Paul Wood of Begbies Traynor were appointed liquidators on 21 October 2026.
A report from the restructuring firm states that a director first sought advice about the company’s financial position in July.
A decision was taken in September that the business could not pay its debts, and it ceased trading on 25 September.
New employment
Employees had received letters at the end of August saying the company could no longer continue trading and that steps were being taken towards liquidation. The letters said trading activities needed to close immediately, except for work required to complete a small number of essential projects.
“As a consequence the company is no longer able to make payment to you under your contract of employment which is therefore terminated as from today for reasons of redundancy,” the letter stated.
Staff were directed to submit claims to the Redundancy Payments Service for outstanding employment payments through the National Insurance Fund.
They were thanked for their service and told references would be provided to help them find new employment. The August correspondence preceded the cessation date recorded in the liquidators’ report.
Manufacturing operation
The report says shareholders invested more than £3 million between 2020 and 2025 after the business was acquired by Toby Adams in 2020.
Despite that support, the UK manufacturing operation failed to achieve sustainable sales, profitability or cash generation.
Declining new-boat sales, persistent operating losses, high fixed overheads and working-capital pressure were cited as reasons for closure.
Longer payment cycles on commercial and government contracts left immediate operating costs difficult to meet.
Weaknesses in project control, procurement, costing and financial information also affected margins and cash forecasting.
Further payments requested
Among those hit by the company’s closure are three lifeboat charities which understood to have been left with unfinished Ribcraft vessels after carrying out community fundraising for new boats.
The customers were reportedly asked for further payments while their vessels remained incomplete.
in addition, leisure buyers are also believed to have been affected, with one reportedly asked to pay suppliers directly for parts because the company lacked funds.
The customer was assured the boat would be finished during the summer, but later received a call advising them to collect the half-finished vessel.
“The decision to cease trading was not attributable to a single event,” the report states. “It resulted from a combination of longstanding structural and operational issues which ultimately made continued trading commercially unsustainable.”
Deficiency for non-preferential creditors
Unaudited accounts for the eight months ended 30 September 2025 recorded turnover of £1,843,748 and a profit of £44,891, but net liabilities stood at £2,652,312.
Fixed assets were £25,461, current liabilities £985,964 and long-term liabilities £3,065,952.
A statement of affairs dated 12 October 2026 estimated a deficiency of £4,117,011.58 for non-preferential creditors.
Listed claims included £355,498 owed to customers, £114,848 to trade creditors, £201,055.20 in non-preferential employee claims and £1,747,302 owed to the director.
These figures describe a later insolvency position, distinct from the earlier accounts.
Overseas operations
Founded in Yeovil in 1993, Ribcraft supplied professional and leisure boats, including 64 rescue boats for the London 2012 Olympics.
The wider business expanded internationally, with manufacturing operations in the Middle East and the US, an Indian facility opened in 2024 and an Australian sales and distribution office.
In March 2026, Ribcraft announced a licensing and joint-venture agreement granting DM8 Composites exclusive manufacturing rights in the Philippines.
The liquidators’ report says the group increasingly pursued larger defence, government and international opportunities requiring greater scalability.
The implications of the UK company’s liquidation for those overseas operations remain unclear.
