Administrators split Eyemouth company in two

Costal Marine Boat Building in Eyemouth
Costal Marine Boat Building in Eyemouth

The assets of an Eyemouth boat building business which went into administration in August have been split in two, creditors have been told.

Administrators insist Coastal Marine Boatbuilders Limited’s boatyard has been sold to former company director Andrew Thornhill because it was the “only viable offer” on the table.

That means the remaining business, the part based at Eyemouth Industrial Estate and set up last year to build support vessels for an offshore wind farm, is still up for sale.

A spokesperson for administrators PCR told us: “The offer for the boat repair part of the business was the only one able to be accepted.

“It was the only one that was viable and made sense, so the deal was done. The buyer was not interested in the other part of the business.”

PCR told creditors at a meeting last week that a higher offer than the one made by Mr Thornhill was turned down because it contained a condition that could not be met.

About a dozen local firms were represented at the meeting, where the sale of the boatyard and premises was voted through by the major creditors.

It was revealed last month that about £1.3 million, or 70%, of the debt is owed to company directors, including Mr Thornhill himself.

Some local creditors are furious that Mr Thornhill has been allowed to buy part of the company back after it was driven into administration with estimated debts of £1.7 million.

More than £500,000 is owed to local traders and businesses in Eyemouth and the surrounding area. They fear they will be left out of pocket.

But one creditor said this week: “We are very determined to try to get some of the money back that we are owed.”

Originally a boat building and repair firm, CMBL expanded into building offshore wind farm support vessels in early 2012. But 18 months later the company went into administration with the loss of 17 jobs.

Another bulletin is expected to be issued by PCR to creditors this week.