Sealine, the UK-based luxury boat manufacturers entered administration on the 30th of April and today it has been announced that administrators have issued redundancy notices to more than 230 employees.
The company which is a major employer for the city of Kidderminster first started trading in 1972 and was part of the Brunswick corporation for over 10 years before being purchased by the American Oxford Investment Group back in September 2011. One month after the acquisition the company axed 37 jobs with a further 72 lost in February 2012.
According to the latest accounts filed, Sealine had made a £4 million pre-tax loss on a £33 million turnover, the administrators Baker Tilly Restructuring and Recovery LLP are currently inviting offers for the whole or part of the business and said it was assisting staff to make claims against the government redundancy fund and also working to maximise recoveries for the company’s creditors.
Image: Sealine International