The future of Itchenor-based Southerly Yachts is once again looking bleak. The shoal draught boat builders who once boasted stars such as Ed Dubois, Rob Humphreys and Stephen Jones among their commissioned designers looks as though it could be heading for liquidation.

Letters have been mailed to creditors calling for a meeting to be held at Gatwick on 22 August.

One angry industry chief who is trying to call in debts told YM: ‘They appear to be just a shell with no assets. It’s grim news.’

Nobody at Southerly Yachts was available to talk to YM. When we called them a chap working for Northshore Shipyard answered the phone and said NS would still be ‘offering repair and service to the existing fleet.’

Around 50 jobs are at stake and it is believed FRP Advisory, a company which helps potential businessmen purchase failing businesses, is acting as a consultancy to Southerly Yachts. But FRP also refused to comment.

Last year Southerly went into administration and the business assets were sold to a new owners. Many staff were laid off then re-hired as skilled labour.