A fee-paying round Britain race company has collapsed.

The Round Britain and Ireland Challenge, with six £86,000 Varianta 44s, built by the giant German Hanse yard, was launched earlier this year, based in Weymouth.

Charles Walker, managing director of RBI, said: ‘The business has folded and we are doing the best we can to make sure our creditors get as much of their money back as they can.’.

Yachting Monthly reader Philip Asherson, a 50-year-old professor of psychiatry at Kings College London, told YM he had paid £950 to (RBI) and had also laid out £350 in travel arrangements, but now could not get any response from the company. Mr Asherson, who sails a Freedom 35 from Bosham, wanted a different challenge from his normal cruising, but now fears he has lost his money and will not get to sail round Britain.

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