Green Marine, a UK builder of custom racing yachts and superyacht hulls, has gone into liquidation. The company was based in Hythe, Hampshire and employed 46 workers. It was established in 1982 and has built more than 180 boats that had advanced composite designs.
The company told BBC.com that a slowdown in large orders prompted the closure. Green Marine had provided designs for the Volvo Ocean Race and Portsmouth-based Ben Ainslie Racing (BAR) for its attempt to become the first British crew to win the America's Cup. It also built yachts for the Vendee Globe race.
Insolvency specialist Peter Hall told the BBC that it was an "incredibly emotional" time for the company's directors and employees. "It highlights the issues facing companies which rely on a low number of very high value projects," he said.
The builder had hoped to gain a contract for a superyacht hull, but that did not materialise. Seven years ago, Green Marine had moved from facilities and Lymington and Southampton to a larger state-of-the-art facility at Hythe Marina, so it could work on several large projects at once.
In the last filed accounts for Green Marine, which were for the year ended 31 December 2015, the directors stated that 2015 had been a very busy year with a number of large projects. Once these had been completed, the workforce was reduced to match the order intake. However, they were confident that the position remained positive with several new projects in the pipeline.
The company’s turnover for the year ended 31 December 2014 was £16.7m with post-tax profits of £678,803, but turnover fell to £13.5m for the full year 2015 with post-tax profits of £365,678. In 2015, the average number of employees was 117. The accounts for 2016 had not been filed at the time the company went into receivership.
Green Marine Ltd was a wholly owned subsidiary of Dutch company Shop Immobilia BV, which also has interests in Dutch yacht-builder Vitters BV for whom Green Marine undertook a number of projects.