Discovery Shipyard loses investor

Discovery Shipyard has announced that the company’s owner/shareholder will be withdrawing support for the business. In a post on LinkedIn, they say the owner “will not be providing further investment or funds”.

The post continues: “He [the owner/ shareholder] announced that he will be withdrawing that support immediately and will not be providing further investment or funds. This is a crushing blow to everyone’s hopes and dreams for the future of the Discovery Shipyard – it appears that the business will not be able to continue without the support we were all depending on.”

The company went on to say that in 2019, Discovery Shipyard underwent some “radical changes” after the business nearly collapsed in December of that year. “As a result of the many changes that were subsequently introduced the business progressed forward in the right direction.”

Such progress was disrupted by the pandemic, but Discovery Shipyard remained optimistic, saying due to “our shareholder’s loyal support and government interventions, the business continued to operate successfully”.

Following an updated business plan, created in January 2021, near record sales were achieved for the period – including five (new model) yachts sold off plan.

In the LinkedIn post, Discovery says: “It seems that the company will be forced to take the very difficult decision to appoint administrators / liquidators immediately in the hope that some better resolution can be found. This decision has come as a devastating blow to all concerned – notably clients, suppliers, shipyard contractors and employees – or anyone who has associations with the business – all of whom have shown great faith and loyalty by supporting the shipyard and its brands despite the many challenges we have all had to face during the past two years.”

Earlier this year, MIN reported that Discovery Shipyard had secured a £2m investment and back in September, they secured three orders at their first day of SIBS.