Colchester-based workboat manufacturer CTruk sold out of administration to Alnmaritec in pre-pack deal
- Credit: Archant
A Colchester-based designer and manufacturer of military workboats and vessels for offshore wind farm projects has been sold out of administration in a pre-packaged sale or ‘pre-pack’.
Matt Howard and Stuart Morton of chartered accountants Price Bailey were appointed joint administrators of CTruk Boats Ltd earlier this month.
The firm was widely advertised, Price Bailey said, and prospective purchasers were contacted to seek offers before it was sold to Alnmaritec on the same day the administrators were appointed. At the time of the sale staff numbers stood at six, although at its highest point, there were 60 employees.
Mr Howard said: “Despite historic profitability and growth, demand for CTruk Boat’s products had fallen considerably due to significant changes in the offshore wind farm industry.”
Tough trading conditions led to the holding company, CTruk Group Limited, taking the decision to dispose of its manufacturing and service division, administrators said. The prospect of a share sale was fully explored over a number of months but was in the end discounted.
“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,” said Mr Morton. “The Price Bailey team, the management team, the purchasers and the professional advisers on both sides worked tirelessly to broker a deal in a short space of time, to ensure a fantastic result for all stakeholders.”