Liquidators appointed to Discovery Shipyard Limited
Neil Gostelow and Steve Absolom from Interpath Advisory were appointed joint liquidators of Discovery Shipyard Limited on 14 January 2022.
Based at Marchwood, Southampton, the Company is a designer and constructor of high-quality blue water cruising yachts.
The Company had experienced a declining order book as a result of the onset of the COVID-19 pandemic. Despite new orders coming in during 2021, the Company was then restricted in its ability to manufacture to schedule by a combination of the ending of certain government support schemes and the well-documented global supply chain issues which caused delays in the availability of building materials, coupled with wider constraints on working capital. As a result, the Company failed to meet the projections in the business plan.
Given the Company’s financial position, the directors commenced liquidation proceedings to place the Company into Creditors’ Voluntary Liquidation.
The Company had 77 employees, all of which were made redundant by the Directors prior to the appointment of Liquidators.
Neil Gostelow, managing director at Interpath Advisory and joint liquidator, said: “Discovery Shipyard had a proud reputation for building quality blue water cruising yachts, but unfortunately suffered significant trading issues in the wake of the pandemic. Our immediate priority is to realise the Company’s remaining assets.”
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