The business and assets of major British work boat manufacturer South Boats Special Projects Limited has been sold out of administration, saving a significant number of jobs on the Isle of Wight.

The leading manufacturer of service vessels for the offshore wind power industry, which is based out of Cowes on the Isle of Wight, has been bought for an undisclosed sum by Alicat Workboats Limited.

SIA Group managed the sale of the business and assets on behalf of the administrators Chantrey Vellacott DFK, a national accountancy firm and corporate recovery specialist.

The company had suffered financial problems mainly due to a combination of the challenge of rapid growth, significant design investment, new product introduction and expansion of manufacturing footprint.

Alicat Workboats is a major player in the industry and the sale has safeguarded jobs and secured the future of production on the Isle of Wight.

The new venture will be the leading specialist in the manufacture and service of crew transportation vessels to offshore wind farms and provide refit and repair facilities.

South Boats had a strong reputation and a healthy order book of some £21 million and further enquiry pipeline of some £35 million, which made the company an extremely attractive proposition.

Paul Craig, Director at SIA Group commented “The level of interest for South Boats both locally and internationally has been exceptional for what is clearly a well regarded product. We worked closely with all parties to ensure certainty of delivery and secure a positive outcome within an extremely tight deadline.

Nigel Darling, Director from Alicat Workboats said: “We are delighted with this acquisition and feel it both complements the company’s activities and secures the future of boat building on the island.

With the backing of Alicat Workboats, the clients of South Boats can be assured of the continued supply of quality vessels.