A major French yacht-building company has shed 50 per cent of its workforce and has been sold for a bargain basement price after going into administration.

Alubat – builders of the well-regarded Ovni range of shoal-draught aluminium cruising boats – went into administration two months ago. The Les Sables D’Olonne-based company was run by court officials while new buyers were found.

The 65 strong workforce was cut back to 32 to ‘match demand’ and a group of new buyers were found for the company founded in 1973.

The UK agent for Alubat, Southend-on-Sea based North Sea Maritime, will have a stand at the ExCel London Boat Show 4-12 January 2014. And an Ovni 435, Toucan will feature at the world cruising stand, where her owners, Connor and Marion Wall will describe their three year circumnavigation.