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Sea Otter Liquidation

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Jus73 Contributor

Jus73

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According to Waterways World Sea Otter Boats have entered into Liquidation. Story here:

 

Waterways World

 

Appears that no buyers are affected, thankfully.

 

Justin

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NB Alnwick Veteran II

NB Alnwick

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According to Waterways World Sea Otter Boats have entered into Liquidation. Story here:

 

Waterways World

 

Appears that no buyers are affected, thankfully.

 

That's a shame - never my cup-of-tea but very nice boats and a nice concept. I hope there is a rescue package to ensure continued production.

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Gary Peacock Veteran

Gary Peacock

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Posted (edited)

I am surprised they didn't leave it till after Crick because it's not that unusual to be able to top up the piggy bank there if you are having cash flow issues.

 

A few deposits/orders and the sale of the showboat could have made all the difference.

Edited by Gary Peacock
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Chris-B Experienced

Chris-B

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I am surprised they didn't leave it till after Crick because it's not that unusual to be able to top up the piggy bank there if you are having cash flow issues.

 

A few deposits/orders and the sale of the showboat could have made all the difference.

 

Maybe the owners have some moral ethics..unlike Anthony M, Severn Boats etc etc etc

 

Chris

 

(JMO)

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bargeeboy Community Regular

bargeeboy

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I am surprised they didn't leave it till after Crick because it's not that unusual to be able to top up the piggy bank there if you are having cash flow issues.

 

A few deposits/orders and the sale of the showboat could have made all the difference.

 

 

Sums up Crick

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R Dixon Engager

R Dixon

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Oh dear, never expected them to do that.

 

As a question, and you guys probably know best, do companies ever go back into business after going into liquidation?

 

What do people expect the price of sea otter boats to do, do prices reflect the fact the company behind them has gone bust (if they cant be sorted?)

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WJM Veteran

WJM

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The administrators will usually try to sell the core assets, that often involves selling the 'goodwill' and the production facility as a complete package. It can be a bit sickening when the owners of the collapsed company buy this package and effectively walk away from their previous debts. This does not always happen though, sometimes the package is bought by new people.

 

 

I doubt if this situation will have any significant impact on the value of the boats already built. They are a good product and they dont need any ongoing support from the manufacturer.

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Ex- Member Veteran II

Ex- Member

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It can be a bit sickening when the owners of the collapsed company buy this package and effectively walk away from their previous debts.

 

I'm not 100% sure but I believe there are new laws or much stricter rules with respect to company owners/directors doing this now. Certainly the best case scenario is that new people take the company over, that almost guarantees that deposits will be honoured, either by refund or completing the original order. Great if it was to continue though as alloy shells are interesting and a bit different.

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alan_fincher Veteran II

alan_fincher

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I agree they were something more than a little bit different.

 

I could never quite get my brain around them though.

 

There seemed to be a very steady demand for the boats, and the company certainly went further than most at many boat shows - 3 boats at a London show IIRC. (Mind you, if you have people queuing for your boats, presumably you don't need such a presence at exhibitions ?).

 

But from what I saw in magazine reviews internally they were fairly run of the mill "production line" boats, and possibly even looked a bit basic compared to things like the Polish offerings.

 

Priced, I think, at at least £2000 per foot, with extras pushing that even higher, you had to want an aluminium boat pretty badly. You could buy a very well appointed steel boat, with a lot more individuality, for the same kind of money.

 

I'm still surprised to see them fall, though.

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John Orentas Veteran II

John Orentas

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It does seem to be an odd co-incidence that the two stories, the apparent sad demise of Sea Otter and that very pompous article reported from Design Week.

 

I am sure the surprisingly ill-informed writer of the second article would have found much in the Sea Otter design to meet with his blinkered view had he been aware Sea Otters, I doubt though that he would have come to the obvious conclusion that steel is simply the better and most cost effective material for building canal boats.

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Guest

Guest

Posted
Posted (edited)

There are two companies; "Sea Otter" and "Sea Otter Workboats".

"Sea Otter Workboats" built the boats - all current orders are completed bar one which will be completed by end of May.

"Sea Otter Workboats" has gone into liquidation, "Sea Otter" remains in buisness, they own the factory and the trailing facilities (smaller models are trailable).

Facts from the Sea Otter Owners Club (website), the company are in constant communication with the Owners Club.

The hope is that Sea Otter will be able to continue to offer their services to current owners.

Edited by Guest
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Guest

Guest

Posted
Posted
. . . steel is simply the better and most cost effective material for building canal boats.

I would agree that steel is the most cost effective material, but whether or not it is "better" surely depends on where you're coming from . . .

If you want something that never corrodes . . .

If you want something that never has to be blacked . . .

If you want something that never has to have anodes changed . . .

If you want something that never has to come out of the water . . .

Then I suggest that Marine Grade Aluminium Alloy is a "better" solution than steel - but it's horribly expensive, so as I said, I agree that steel is the most cost effective material.

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bargeeboy Community Regular

bargeeboy

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I think we are missing the point

The liquidation is 'controlled'

 

I think its the same as when FMC gave up.

 

No prospect of making a profit so time to pack up.

 

It appears that as I would expect from the creditable management no client has or will suffer a loss.

I hope this does prove to be the case.

 

I would not mind betting that the Government coffers will be the main loser though.

 

I appreciate that there is a difference between ceasing trading and liquidation but it means the same.

 

One has to liquidate to tidy up the loose ends with regard to the various Companies Act's

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PaulG Experienced

PaulG

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I think we are missing the point

The liquidation is 'controlled'

 

I think its the same as when FMC gave up.

 

No prospect of making a profit so time to pack up.

 

It appears that as I would expect from the creditable management no client has or will suffer a loss.

I hope this does prove to be the case.

 

I would not mind betting that the Government coffers will be the main loser though.

 

I appreciate that there is a difference between ceasing trading and liquidation but it means the same.

 

One has to liquidate to tidy up the loose ends with regard to the various Companies Act's

 

"Narrowboat World" is carrying a photo of the Sea Otter premises with the caption "Sea Otter - chained up and barred by the authorities". Doesn't sound much like a "controlled liquidation" to me.

 

Or is it just possible (perish the thought) that NBW is being economical with the truth?

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carlt Veteran II

carlt

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"Narrowboat World" is carrying a photo of the Sea Otter premises with the caption "Sea Otter - chained up and barred by the authorities". Doesn't sound much like a "controlled liquidation" to me.

 

Or is it just possible (perish the thought) that NBW is being economical with the truth?

One of the advantages of being "the authorities" is that, when it looks like you may be missing out on some hard-taxed moolah, you can get your security department in to lock the premises.

 

Thus the vat-man gets his slice of the cake first.

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Maverick Rising Star

Maverick

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Food for thought:- What if every boat builder gave up overnight and stopped producing boats for at least 15 years.

 

Perhaps we could start re-using the many thousands of perfectly good second hand boats that are already preasent on the canal system.

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John Orentas Veteran II

John Orentas

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I would agree that steel is the most cost effective material, but whether or not it is "better" surely depends on where you're coming from . . .

 

 

Aluminium is also very prone to metal fatigue and general 'work hardening', also the material is not as impervious to corrosion as people imagine.. I visited the Singapore Coastguards a couple of times, they have a fleet of fast patrol boats, built of aluminium they were all 'breaking up before your eyes'.

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T.A Collaborator

T.A

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Posted
Aluminium is also very prone to metal fatigue and general 'work hardening', also the material is not as impervious to corrosion as people imagine.. I visited the Singapore Coastguards a couple of times, they have a fleet of fast patrol boats, built of aluminium they were all 'breaking up before your eyes'.

Perhaps salt had something to do with it?

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Guest

Guest

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Aluminium is also very prone to metal fatigue and general 'work hardening', also the material is not as impervious to corrosion as people imagine.. I visited the Singapore Coastguards a couple of times, they have a fleet of fast patrol boats, built of aluminium they were all 'breaking up before your eyes'.

It's an alloy - I suspect there are many variations on a theme . . .

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