Kidderminster firm Sealine shedding 234 jobs
Hundreds of jobs are being shed at luxury boat builder Sealine after the firm collapsed into administration.
Administrators said 234 workers will be made redundant at the Midland company, which last year celebrated its 40th anniversary.
Baker Tilly Restructuring and Recovery LLP have been appointed administrators to the company which employs 300 people at its Kidderminster site.
Joint administrator Graham Bushby said they were working to 'maximise recoveries for the company's creditors' and were looking to sell the plant.
The firm is now inviting offers for the whole or parts of the business. Sealine is one of Kidderminster's biggest employers, and the leader of Wyre Forest District Council, John Campion, today described the news as 'a sad blow' for the town.
He said the council would be offering help help to workers facing redundancy, and the administrators if necessary.
Sealine, based in Whitehouse Road, off Worcester Road, has been trading since 1972.
Boats made in Kidderminster are shipped around the world and sell for up to £1million. The latest blow comes after 37 management, clerical and support jobs were axed in February last year.
It follows the firm being bought in a multi-million pound deal by American firm Oxford Investment Group in September 2011.
Motor Boat and Yachting magazine editor Hugo Andreae said: "This is an incredibly sad day for the entire motor boat fraternity and the British boatbuilding industry.
"Sealine has been a staple of the scene for 40 years.
"There's a lot of love out there for the brand."
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