British racing yacht builder, Green Marine has ceased trading after going into voluntary liquidation last week, resulting in the loss of 46 jobs.
The company, founded in 1982, has built in excess of 180 boats and specialised in manufacturing advanced composite designs, but cites a slowdown in large orders as the reason for its closure.
Parent company Vitters, who bought Green Marine in 2010 and moved the yard to a new facility in Hythe Marina, has promised to finish all uncompleted orders.
The Dutch yard explained, “The decision had to be taken due to the current uncertainty of future business and the changed business environment. For specialised companies, such as Green Marine, which depend on a low number of high value projects, it is very difficult to keep a constant level of people employed with fixed overheads. At the moment the future possibilities for a new business approach are being investigated.”
Green Marine was involved with numerous leading yacht events and provided race designs for the round-the-world Volvo Ocean Race and Ben Ainslie Racing’s (BAR) failed America’s Cup campaign.
Insolvency specialist Peter Hall, who was asked to place the company into voluntary liquidation, said it was an “incredibly emotional” time for everyone connected with the company.