The following statement concerning Rival Bowman Yachts Ltd has been received from administrative receivers PricewaterhouseCoopers

The Southampton based boat builders and repairers, Rival Bowman Yachts Limited, has been placed into Administrative Receivership. Ryan Densham, Business Recovery Services Partner at PricewaterhouseCoopers was appointed Joint Administrative Receiver on Tuesday 6 November 2001.

The Bowman yacht range is well known and highly respected and in the past three years a new Starlight range of yachts has been added to the company’s product range. The Starlight yacht has been well received by the market.

The company’s turnover in the last financial year ended 20 April 2001 totalled £3.7 million and it has recently employed 40 people.

“The range of boats this company has are highly regarded in the yachting world, said PwC’s Ryan Densham. “They produce a quality product that is viewed as a market leader, particularly now that the new Starlight 46 is in production. This yacht was described in Yachting Monthly as ‘a fine yacht in every way. She is beautifully built, looks great, sails well and seems vice free ? she exudes charisma and is a boat to be coveted.’

“At present, trading has stopped whilst a purchaser of the business is being sought. There are currently some boats in production and the facility in Southampton with its cranage and access to the waterfront is well suited to building these very attractive boats. We want to find a purchaser who will be able to take the business forward and to exploit the opportunities offered, in particular, by the new Starlight 46.”

Any interest should be directed to PricewaterhouseCoopers, for the attention of Ryan Densham on 0117-929 1500 (31 Great George Street, Bristol, BS1 5QD) or Michael Cracknell on 020 7213 1768.