Business administrators called in to the financially stricken Southampton-based boatbuilder and repairer Rival Bowman Yachts on Tuesday have closed the company while they seek a purchaser.

In an official statement released today, joint administrative receiver Ryan Densham, a Business Recovery Services Partner at PricewaterhouseCoopers, said: “The range of boats this company has are highly regarded in the yachting world. They produce a quality product that is viewed as a market leader particularly now that the new Starlight 46 is in production.

“At present trading has stopped whilst a purchaser of the business is being sought. There are currently some boats in production and the facility in Southampton with its craneage and access to the waterfront is well suited to building these very attractive boats. We want to find a purchaser who will be able to take the business forward and to exploit the opportunities offered, in particular, by the new Starlight 46.”

The company’s turnover in the financial year ended 20 April 2001 totalled £3.7 million. The company employs 40 people.

Prospective purchasers should contact Ryan Densham, PricewaterhouseCoopers at 31 Great George Street, Bristol, BS1 5QD. Tel: 0117 929 1500.