Cornish Crabbers in voluntary liquidation
British boatbuilders Cornish Crabbers, the firm behind the popular Crabber and Shrimper ranges, has gone into voluntary liquidation.
Insolvency practitioner Michelle Weir, of accountancy and business recovery practice Lameys, was appointed liquidator following a creditors meeting on 13 March. In a statement, Lameys said: “The partnership traded primarily in the manufacture of sailing boats, but has suffered from: Increased costs of completing orders–having to source parts and labour at 2023 rates on sales contracts fixed at 2021 rates; A significant reduction in future sales across 2024 until economic stability returns; and Increased financing costs.
“The partners therefore had no choice other than to seek assistance in placing the partnership into liquidation and ceasing to trade. As a result of ceasing to trade, no further orders will be processed and boat construction has ceased.”
Ceased construction
Lameys has made contact with anyone who the partners have advised is owed money or with an outstanding order.
Cornish Crabbers, owned by Peter and Samantha Thomas, has leasehold premises at Rock, near Wadebridge.
At the time of going to press, the latest financial statement published in The Gazette for
Cornish Crabbers LLP showed that, as of 31 December 2022, the boatbuilder had debts of more than £1million. This included: £134,606 in bank loans and overdrafts; £197,325 owed to trade creditors; £94,932 owed to social security and other taxes; and £574,128 to other creditors.
The first Cornish Crabbers were built by Westerly Boats in 1973. The Cornish Shrimper 19, designed by Roger Dongray, is reputed to be the best British production gaffer, with more than 1,180 built since 1979 and still sailed worldwide.
The business and assets are for sale through agents Lambert Smith Hampton: The 2023 revenue was around £2million. The sale includes an established range of sail boat models, including the Shrimper 17, 19, 21, Crabber 24, 26, Pilot Cutter 30, Mystery 30, 35, plus others; 11 sail boats under construction; production moulds for all models with replacement costs approaching around £1million; IP assets including yacht designs, productions drawings and associated info, website www. cornishcrabbers.co.uk, customer base; a range of manufacturing machinery, factory equipment; plus stock of build parts and spares, worth approximately £160,000.
Previous revival
The company, formerly named Select Yachts, previously went into voluntary liquidation in November 2008. In 2009, its assets were bought by former customer Philip Langsdale. Rebranded Cornish Crabbers, a £150,000 European Regional Development Fund grant helped to buy the firm’s factory premise and design new boats, like the Crabber 26. In 2010 the business reported a healthy order book and 28 staff.
Cornish Crabber 26 owner
Dermot Cox said: “I’m very sad to hear the news about Cornish Crabbers. I went around the factory last spring with the very enthusiastic Peter Thomas when the works had every appearance of a thriving enterprise.”
Trevor Heritage, Shrimper Owners Association (SOA) national secretary, said: “We at the SOA hope that the value in the design is recognised and that production can be rekindled by others on a sustainable basis. The SOA maintained close ties with the original owners of Cornish Crabbers and with subsequent owners of the company. The association’s officers were saddened to hear of the demise of the present company. Our thoughts are with those whose livelihoods have been disrupted and those customers who have boats under construction.”
■ www.pbo.co.uk/cornishcrabbers-sale