BA Peters' boat sales business sold
By IBI Magazine
Financial services firm KPMG has announced that the boat sales and brokerage business of BA Peters, which filed for administration on August 14, has been bought by a newly formed company that will trade as Opal Marine. The sale of the Chichester, Brixham and Swanwick dealerships will save some 30 jobs.
A sale has also been completed for BA Peters' Chichester-based boat lifting and storage business. KPMG has confirmed the sale to Premier Marinas, which owns and operates seven marinas across the UK's south coast, including Chichester Marina. In addition, the administrators have accepted offers, subject to contract, on the Chichester chandlery and the operation based at Ipswich Marina. Negotiations for the sale of the 'Port to Port' business are ongoing.
"Every effort was made to try and find one buyer for the whole business, however despite extensive marketing no appropriate offers were forthcoming," says joint administrator Jane Moriarty. "We have completed on offers that we believe ensure the best deal for creditors. We continue to work on a number of other deals and hope to be able to finalise them shortly."
Opal Marine will remain headquartered at Chichester Marina and continues to enjoy ongoing representation with brands such as Azimut, Rodman and Legend. The company says that it is firmly committed to the UK and European yachting market, and is already placing orders for new stock.
Earlier today Bavaria announced that a new company, Clipper Marine, formed by three former managing directors at Peters Opal, was to become its dealer in the UK (click here for full story).
Island Packet Yachts, another brand formerly carried by BA Peters, appointed Premier Yacht Sales as its new dealer representative for the UK, Ireland and the Channel Islands, at the end of August (click here for full story).
(7 September 2007)
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