Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Peters Opal, a firm that retails luxury boats, has been declared bankrupt and 130 have been consequently made redundant. Peters Opal sells luxury motor cruisers, motor yachts and sailing boats made by a range of manufacturers. The firm has sites at Chichester, Ipswich, Eastbourne, Gosport, Swanwick, Brixham, and Inverkip, although most of the company’s 180 staff are based at the firm’s headquarters in Chichester. Accountancy firm KPMG have been appointed as administrators. Jane Moriarty, partner at KPMG Restructuring and joint administrator, said:
‘Due to difficult trading conditions the company has experienced extreme cash flow problems.’
‘Although the business continues to trade, we have unfortunately had to make 130 members of staff redundant.’
Peters Opal lost a distribution contract with yacht maker Sealine in July 2007. This followed the loss of a similar contract with Fairline in 2005. The company’s sales had also been affected by the poor weather that the UK has experienced in previous months.
Eurofound (2007), Peters Opal, Bankruptcy in United Kingdom, factsheet number 65703, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65703.