Tuesday, May 28, 2024
HomeNewsSale of Scorpion RIBS looks hopeful

Sale of Scorpion RIBS looks hopeful

Recovery group Leonard Curtis believes there is hope for Lymington Boat Makers Limited – formerly Scorpion Ribs Limited.

Nicola Layland and Carl Faulds were appointed Joint Administrators of the company on 21 March 2024 and say a sales listing has received considerable interest.

The Hampshire company designed, assembled and sold RIBS under the Scorpion brand – enjoying international trading for many years.

The firm survived COVID restrictions in 2020 but has since faced other difficult market conditions including the outbreak of the war in Ukraine which resulted in prices increasing rapidly.

With contracts already agreed for a fixed price with its customers, the company – like others – has felt the squeeze on profits.

At the same time interest rates began to rise and finance for luxury goods became more expensive, resulting in sales falling.

Nicola Layland, joint administrator for Scorpion RIBS
Nicola Layland, joint administrator for Scorpion RIBS

The company took expert guidance, and it was agreed that whilst the company no longer had sufficient cash flow to continue trading, there remained potential in the underlying business.

The decision was made to place the company into administration and Leonard Curtis was appointed.

“It is positive to see so many interested parties – showing the strength of the Scorpion brand,” said Nicola.

“It appears that if the business can be moved into a viable company it could have a promising future.”

And she confirmed that before the marketing was fully circulated expressions of interest were received.

“We are hopeful that a sale can be achieved with so many parties already commenting that they will make an offer.”


Most Popular

error: Content is protected !!