After market speculation some weeks ago it can now be confirmed that the leading UK superyacht repair and refit business, Solent Refit Ltd, has been placed in administration. Solent Refit was based at the Hythe Marine Park but needed to relocate when Fairline announced it was moving to the site at the end of last year.
Solent Refit had been seeking to relocate for several months with the Fawley power station site being under consideration early on in 2018 and subsequently Saxon Wharf, in Southampton. Neither came to anything for a range of different reasons.
In a statement to IBI, the administrator for Solent refit said: “Hampshire-based Solent Refit Ltd, which dealt with the repair and refitting of superyachts, has been placed into administration. Peter Hall was appointed Administrator on 5th June 2018.”
He added: “Offering 10,000m2 of undercover refit halls; a 1,500 tonne slipway and deep water berths for vessels up to 100m(328ft), the company had provided refit services for large yachts and ships. The company had agreed to surrender its lease to its landlord at Hythe Marine Park, Southampton and the directors had been winding down the business with a view to securing new premises. However, delays with the Company’s final contract left the Company in an insolvent position.”
“Without premises immediately available to move to, upon the expiry of the company’s lease the customer made arrangements direct with the landlord in order to secure the premises and enable it to complete the remaining works itself," Hall pointed out. “The company was forced to cease trading and its remaining employees were made redundant.”
Southampton insolvency specialists Peter Hall Limited were consulted in May 2018. A Notice of Intention to Appoint Administrators was filed at court on 23rd May 2018 and the appointment of Peter Hall was confirmed on 5th June 2018.
Hall explained: “By securing an early appointment we have been in a position to assist the customer complete the works and clear the premises. This has not only minimised claims against the Company but has also meant we have been able to secure assets which may have been lost had there been any delays.”