Bankrupt boat building firm rescued

A NEW company has taken over boat building in Stourport after it was lost by the collapse of M&D Boat Builders that ceased trading in June.

The new Stourport business, trading as Stourport Canal Craft Ltd, has been launched by businessman Derek Fradgley of Outlook Finance and his wife Gill, as an investment, giving work to the people who lost their jobs when the original firm collapsed, Alan Tilbury reveals.

Derek tells us:

"Outlook Finance Ltd was among the various creditors as we leased the machinery used by M & D. We repossessed our machinery and started up our own business in order to ensure that the boat building skills were maintained in Stourport which is, as you will know, an important canal town."

Not responsible

Though there are creditors and customers who it is believed have made deposits for boats with the old company, these will not be recompensed, with Derek stating he could not take on those responsibilities, it being a different company.

The company makes steel narrowboat shells for self fit-outs, and tells that fabrication began in July, and the company already had two 'serious enquiries' for boats.

Boat building town

Of the decision to take over the business Derek explained:

"We have been pleased to help fund local businesses in this sector and when one business decided that it could not carry on trading, Gill and I decided that this was the time to make an investment and set up a company that would not only keep Stourport established as a boat building town, but also save four people from becoming unemployed."

He feels confident that the investment will be worthwhile.