Builders of Southerly boats in dire straits

The future of Northshore Yachts, builders of the Southerly range, is ‘not looking great’ an industry source told Yachting Monthly today.

According to theories in the marine industry a marital break-down is at the heart of the company’s demise. Directors are currently behind closed doors thrashing out terms with creditors – including customers who have paid deposits on ordered yachts.

The Itchenor, West Sussex yard, which employs 160 staff, has been shut down and it is not certain whether the company will re-emerge as a single entity, a new company or even whether it is wound up, the source said.

Meanwhile FRP Advisory, recovery and insolvency specialists, told YM they are advising the directors of Northshore Yachts, but refused to comment further, instead referring calls to a PR company who refused to comment at all.

It is believed a decision about the company’s future will be made ‘within days rather than weeks’.