Boat retailer in receivership
Trev Terry Marine Limited, which has six boat dealerships including one in Invercargill, has gone into receivership.
Receiver Neale Jackson, of Calibre Partners, said it was a “tough market out there for something like a boat dealer in the current economic conditions”.
Jackson said Trev Terry Marine dealerships were based at Invercargill, Taupō, Tūrangi, Kinloch, Napier, and Wānaka. Each of the sites had servicing and retail sectors.
The receivers would get control of the business and try to find a buyer so the dealerships could continue operating, he said. “That’s our aim.
“They are all continuing to trade at the moment and it’s our intention to start a sales process for all of them later [this] week.
“We will be looking for buyers to take over all of these sites, either together or individually.”
In the meantime, they would trade as normal, he said.
“We have had a bunch of interest alread. A number of people have contacted us and we will be dealing with them and going out to the market more widely, trying to find someone to take over and continue with the business.”
Jackson said he would release information on how much Trev Terry Marine Limited owed when releasing the first receivers report in about two months.
“There are a number of creditors, as you would expect.”
Trev Terry Marine South branch manager Hayden Sayer, in Invercargill, referred questions to the receiver.
Meanwhile, well-known Southland boat manufacturing business Stabicraft Marine is working through a formal consultation process with staff regarding proposed changes to its business.
Chief executive Aaron Greene declined to say what the proposed changes were or how staff would be affected while consultation was underway.
In late 2022, Stabicraft sold its Dee St dealership to the Trev Terry Group, with then Stabicraft chief executive David Glen saying its focus was on boat manufacturing.
In December, southern boat retailers told Stuff the demand for new boats had cooled significantly after a few strong years.