A Colchester-based designer and manufacturer of military workboats and vessels for offshore wind farm projects has been sold out of administration preserving the jobs of the firm’s employees.
Matt Howard and Stuart Morton of chartered accountants Price Bailey were appointed joint administrators of CTruk Boats Ltd on 4 November 2016.
Having followed a thoroughly robust marketing strategy, the business was widely advertised for sale and prospective purchasers in the industry were contacted to seek offers.
Having negotiated a deal, the Colchester business was sold to Alnmaritec on the same day that the Administrators were appointed over the Company. Price Bailey was assisted by law firm Howes Percival.
Shedding light on the circumstances behind their appointment, Matt Howard stated: “Despite historic profitability and growth, demand for CTruk Boat’s products had fallen considerably due to significant changes in the offshore wind farm industry”.
The tough trading conditions led to the holding company, CTruk Group Limited, taking the decision to dispose of its manufacturing and service division. The administrators said the prospect of a share sale was fully explored over a number of months but was in the end discounted.
Stuart Morton added: “It became clear that the sale of the business and its assets out of an administration would yield the best possible result for creditors and preserve jobs. The Price Bailey team, the management team, the purchasers and the professional advisors on both sides worked tirelessly to broker a deal in a short space of time, to ensure a fantastic result for all stakeholders.”