Neville Whittley responds: Whittley Marine Group bounces back

LIKE so many companies both here in Australia and around the world, the past 18 months has been difficult for Neville and Steven Whittley and their related companies, Whittley Marine Industries and Whittley Cruisers Pty, however through commitment to their product and the support of many individuals and organisations, the Whittley Marine Group produced brand’s and the brothers are looking forward to brighter times ahead, as the Group looks to plane and secure its next period of growth.

On 6 August 2009, as a result of financial difficulties brought about by the global financial crisis, Whittley Marine and Whittley Cruisers appointed Deloitte's Sal Algeri and Tim Norman as voluntary administrators of both companies.

The Deloitte team was able to assist the Whittley companies to restructure their business, implement more efficient and profitable systems and enter into a Deed of Company Arrangement, a formal arrangement with the companies' creditors for payments to be made over a period of time.

As a result, the Whittley companies have been able to successfully trade through this difficult time and despite the existing uncertain economic conditions, the companies are profitable and have been trading above expectations in recent months.

Andrew Chambers, a partner at Middletons, said: "Given the strength of the Whittley Marine Group and its related boat brand’s, the Whittley's commitment to the business and their employees, and the acknowledged expertise of Steven and Neville and other family members in the industry, we were always confident the companies could be restructured in a way to allow them to trade out of their difficulties. The worst is now behind them, and it is encouraging to see the companies performing so well and this house hold name continue to strengthen."

Not surprisingly, Neville and Steven have been affected personally by the financial difficulties experienced by the companies. Between them, the brothers had total debts of approximately $283,000 (not including an amount owed to the National Australia Bank), and although the NAB and other companies agreed to work with Whittley, their most significant liability was a debt to an International component supplier. Unfortunately as a payment plan could not be negotiated with this supplier, the brothers were forced to petition for their personal bankruptcy earlier this year.

With the support of the brother's sons, along with Neville's wife Marianne, who all work in the business, the Whittley companies have been able to continue to trade strongly and their performance has not and will not be affected by the personal bankruptcies of Neville and Steven.

In speaking about the past year and his hopes for the future, Neville Whittley said: "We are grateful for the ongoing support of our financier, National Australia Bank, who we have worked very closely with, as well as the support from creditors and suppliers who have stood by us through this difficult time. The Whittley Marine Group is extremely confident that, given our restructure and current trading success, we will once again be a successful and profitable business. "