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Hope for sinking boat brand ‘Scorpion’ as firm goes up for sale
Recovery group Leonard Curtis has said there is hope for international boat brand Scorpion after a sales listing received considerable interest.
Nicola Layland and Carl Faulds were appointed Joint Administrators of Lymington Boat Makers Limited - formerly Scorpion Ribs Limited - on 21st March 2024.
The Hampshire company designed, assembled, and sold Rigid Inflatable Boats under the Scorpion brand - enjoying successful international trading as a respected name in the industry for many years.
The firm survived COVID restrictions in 2020 but has since faced other difficult market conditions. The outbreak of the war in Ukraine resulted in prices increasing rapidly. With contracts already agreed for a fixed price with its customers, the company, like others, has felt the squeeze on profits. At the same time interest rates began to rise, and finance for luxury goods became more expensive, resulting in sales falling.
Following expert guidance, it was agreed that whilst the company no longer had sufficient cash flow to continue trading, there remained potential in the underlying business.
The decision was made to place the company into Administration, and Leonard Curtis has marketed the business for sale - already receiving interest from several parties.
Joint Administrator Nicola Layland commented: “It is positive to see so many interested parties - showing the strength of the Scorpion brand.
“It appears that if the business can be moved into a viable company it could have a promising future.
“Before the marketing was fully circulated, we were already receiving expressions of interest and we are hopeful that a sale can be achieved with so many parties already commenting that they will make an offer.”
Any expressions of interest in the business should be sent to Olivia Proudly op@proudleyassociates.com, who has been instructed to assist in the marketing and sale of the business.
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