New Zealand's Salthouse Marine Limited in receivership

by Jeni Bone on 11 Feb 2010 New Zealand motor yacht building company Salthouse Marine Limited is in receivership. Receiver John Price of HPL Partners was called in last Thursday by a private investor.

Speaking this morning on his way to meet with an owner’s representatives about a semi-complete build, Price said: 'I have closed the company, production has ceased and all of the staff have been laid off,' he said, referring to the 52 personnel left without jobs.

According to Price, there is some minor work to complete on two boats and there is a third boat which is underway. 'We are yet to make a decision on that. We will be talking with the owner’s representative about what can be done.'

While it is too early to determine the future of the company and brand, Price says he is hoping there will be demand shown from Australia and south-east Asia, even for intellectual property. 'They are world class boats,' said Price, adding that receivership was the result of 'a very unfortunate set of circumstances'.

As yet, a date or rough timeline are yet to be set on any sale of assets. 'We are sorting through files at present. The original Salthouse family may have interest in intellectual property. We are spending the next week or so unravelling the company and getting legal advice.'

The company's boats are described as hand built with lavish interiors, while designed for rugged sport fishing. The current investor took over about two years ago, making structural changes to the company.

For many years the business operated from a site in Greenhithe, then relocated to Henderson. The current investor took over about two years ago, making structural changes to the company.

Price would not be drawn on the value of the receivership or any plans for the brand, but he was confident in international interest in reviving Salthouse. 'People have already come to me and expressed interest.'

Parties interested in finding out more should contact HPL Partners admin@hplpartners.co.nz or Tel: 64 9 379 4060.