Liquidators have been appointed to The Boat Development Co Ltd, trading as Seaward.
According to the Statement of Affairs filed by the liquidator, as at 31 July 2024, the Isle of Wight based boatbuilder had an estimated deficiency for non-preferential creditors of £4.8 million.
Debts included £404,599 to La Corporación de Prácticos del Puerto de Algeciras in Cadiz, Spain, £821,236 to Pilot Boats Gibraltar Ltd and £416,449 to the Royal Hong Kong Yacht Club.
In addition, Dr Michael and Gillian Barron are owned £503,769 and company director Chris Clayton is owed £729,643.
Other creditors include BDC Holdings Ltd which is owed £1,215,813 and HMRC PAYE which is owed £242,535.
Seaward built a range of leisure, custom and commercial motor boats from 19ft to 42ft. There was also a brokerage division.
The company was a regular exhibitor at many UK boat shows with customers including the Royal Hong Kong Yacht Club and Gibraltar Pilots.
The administration is the latest in a line of UK boatbuilders and marine companies that have run into trouble in recent months including, APV Marine trading as Cobra Ribs, Bucklers Hard Boat Builders Ltd, Cornish Crabbers, Devon Wooden Boats, Lymington Boat Makers Ltd, formerly known as Scorpion Ribs Ltd, Marine Matters UK, and Quay Sails (Poole).
