Maritimo Offshore undertakes company restructure

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Garth Corbitt, Maritimo CEO.
Garth Corbitt, Maritimo CEO.

Boat builder uses voluntary administration for pre-float ‘housekeeping’.

The manufacturing arm of Queensland boat builder Maritimo went into – and out of – voluntary administration towards the end of last year, a move which the company says was part of an internal ‘restructure’ in preparation for a future stock market listing.

Garth Corbitt, Maritimo CEO (pictured), said that all creditors with Maritimo Offshore had been paid in full and that there was no interruption to business with suppliers. He emphasised that the company is in good financial shape with 41 dealer partnerships on five continents around the globe and a full order book for the next 12 months.

According to the Australian Securities and Investments Commission (ASIC) website, Maritimo Offshore (the boat manufacturing part of the Maritimo group) appointed an administrator in early October 2016. A Deed of Company Arrangement was lodged just prior to Christmas and, according to the company, it is no longer under external administration.

Corbitt added that the decision to put Maritimo Offshore, just one of a number of entities that form the Maritimo Group, into voluntary administration was part of an internal restructure in preparation for a future stock market listing of the company. A public float has previously been suggested by Maritimo as a possible growth strategy for the company although there is no specific timetable for such a move.

Corbitt said the company had considered different options for the restructure and decided that appointing a temporary administrator was the best way to achieve what it wanted to do. Maritimo Offshore may continue to operate in some form as part of Maritimo’s overseas sales business. A new company, Maritimo (MFG) International registered in May last year, has taken on the boat building operations.

Last November, the company reported increased sales for 2016, particularly in the larger-size luxury boat market, and said it would be increasing production to meet demand for forward orders.

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