Fresh start for Cobra RIBS

Arken Capital Ltd has acquired the business and assets of APV Marine trading as Cobra Ribs in a pre-pack deal.

The sale has resulted in production of RIBs continuing, with all employees kept on and follows the appointment of administrators by APV Marine Ltd.

Claims of unsecured creditors are estimated at almost £1,300,000, with the administrators stating that they consider there will be insufficient property to enable a distribution to them.

APV Marine was founded in 2009 to facilitate the acquisition of Picton Boats which designed and bought to market the original Cobra RIBs.

In 2019 the company, which was designing, manufacturing, servicing and retailing RIBs, expanded to larger premises in Dorset as part of growth plans for the business.

Investment in 2020 from new shareholders Kevin and Stefan Hollingsworth via their company Hollings and Worth Holdings Ltd enabled the company to continue its growth plans with a refit of its unit with heavy lifting equipment.

Joshua Arkell also became a director and shareholder and in 2022, the company expanded further, separating the service centre.

However subsequent expansion into American markets failed with insufficient funds available and exacerbated by market pressures and pricing leading to cashflow difficulties.

Creditor pressure and a threatened winding up petition from HM Revenue & Customs led to administrators being approached.

Refinancing options and negotiations with the secured creditor Hollings and Worth Holdings Ltd – which invested in the business in 2020 – were not successful and the company was placed into administration in July 2024.

“A pre-pack sale was appropriate to preserve the value in the business and assets,” stated the creditor’s report. “Additionally, it allowed for the purchaser to provide continuity to customers, employees and the landlord, thereby mitigating significant further liabilities.”

Arken Capital Ltd is headed by Joshua Arkell and Stephen Arkell.