Westerly Group put into Administrative Receivership
by Editor 12 May 2000 09:08 BST
The Directors of Westerly Group Limited regret to announce that the company has been put into Administrative Receivership. Westerly is a long established name in the marine industry, producing sailing yachts since 1963.
This sad event follows several years of difficult trading conditions and company losses. Although substantial investment has been made in recent years in new model development, improved production methods, quality systems, and marketing, these efforts have not been sufficient to overcome the difficult market conditions that the company has faced.
The owner of Westerly has put in hand arrangements to enable the yachts currently in production to be completed, and has so advised the receiver and the customers affected. We are hopeful that this arrangement will be put into place soon, and that a buyer for the business will be found to enable the fine Westerly tradition to continue.
More Information: www.westerly-yachts.com