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MARCH 2023
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HMRC DEBT LED TO CUSTOM MARINE LIQUIDATION Liquidators have been appointed to Custom Marine following the failure of the business due to tax arrears of more than £1 million. Documents seen by Boating Business state that in December 2022, the company lost its main customer, Sunseeker International, when the yacht builder confirmed it did not want to do business with the director or any connected entities of the company. Not viable In addition to the HMRC debt, the company also has debts outstanding to HSBC in the form of company loans and is in arrears with employee pay, including pay in lieu of notice and redundancy pay. Some of the unsecured creditors mentioned in the company’s financial statements include C-Quip, Marineware, Osculati, Timage and Total Marine Solutions. Custom Marine began its life as Custom Marine Coatings Ltd in March 2012, providing paint and cosmetic restoration services to the international marine industry. In 2015, following an opportunity to provide labour to Sunseeker, the company changed its name to Custom Marine Limited. Custom Marine’s order book was approximately 99% Sunseeker dependant from 2016 onwards.
The company turned over a profit until December 2019 when there was a slowdown and reduction of payments from Sunseeker as a result of the Chinese parent company’s introduction of cost control measures due to the start of the Covid-19 pandemic in China. On 23 March 2020, Sunseeker announced a complete halt in production until the end of April 2020, due to the UK outbreak of Covid-19. Then on 26 March 2020, Sunseeker implemented “emergency cost control measures”, effectively freezing all payments out of the business. At that time, it owed Custom Marine £435k. By this time, there were no reserves to continue maintaining running costs and the business was already in arrears with HMRC. Cost-cutting steps were taken and Covid loans taken out. A payment plan for Sunseeker’s outstanding balance was agreed in July 2020 however Custom Marine’s cashflow was strained and the business struggled to keep up with HMRC payments. Regular correspondance and communication with HMRC failed to secure a viable payment plan and the company’s director sought professional insolvency advice.
Plans revealed to create York’s second marina Plans have been revealed for a new marina on the River Ouse in York. The business behind the proposals, The Boatyard, said that the new 250-berth marina at Bishopthorpe would meet huge pent-up demand for berths and create 30 permanent jobs. Peter Mandy, co-owner, The Boatyard, told The York Press that the new marina would breathe new life into the village, provide extra facilities for residents and local sports clubs and provide a boost for tourism. “There are virtually no moorings left in York. We get so many phone calls from people asking for berths for their boats, so this will help meet that demand,” he said. “Also, by enhancing the existing site, we hope to bring more people into the area and boost the local economy.” The plans show that the new marina would be a similar size to the one already existing on the other side of the river downstream at Naburn. Existing moorings on the river will be tidied up and all berths would be made river authority compliant.
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8 The Boatyard wants to build a new 250-berth marina on riverside land at Bishopthorpe to cater for demand in York
Plans also include a permanent camp site created for scouts and guides and a designated field for dog walkers. Land would also be given over to local sports clubs.
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