Boat builders bought out

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A MAJOR boat-building firm has been bought out of administration.

Alicat Workboats Ltd has bought Cowes-based South Boasts Special projects Ltd – which has a large customer base in the Portsmouth area – for an undisclosed sum.

It comes less than a week after administrators were appointed.

Joint-administrators David Clements and Richard Toone from Chantrey Vellacott DFK and asset valuations and sales agents SIA Group managed the sale.

David Clements, partner and restructuring specialist at Chantrey Vellacott DFK, said: ‘South Boats had a strong reputation and a healthy order book of some £21m and further enquiry pipeline of some £35m, which made the company an extremely attractive proposition.’