Plymouth firm set up by ex-Princess Yachts employees enters liquidation

A Plymouth boat refit company, established by two ex-Princess Yachts employees, has gone into liquidation, with debts of more than £600,000 likely to remain unpaid.

Yacht Solutions Europe Ltd, based at the Turnchapel Wharf marine business park, specialised in marine refit and repair services including yacht engineering and retrofitting, plus custom carpentry and upholstery. The firm also carried out design and refurbishment of luxury homes. The firm, which established a US base in Florida in 2023, has been facing cash flow problems amid tough trading conditions.

The company was set up in 2021 by Dave Watson and Paul Eccles, after the collapse of a previous business, Yacht Solutions Worldwide, which saw demand impacted by the pandemic. That firm sold its assets to Yacht Solutions Europe and was dissolved in 2024, leaving unpaid debts of more than £282,000.

Eccles and Watson left Princess Yachts in 2018 to set up Yacht Solutions Worldwide, and had maintained contracts with Princess.

In 2025, Watson and Eccles told Invest Plymouth that they had “many plans for the future both in Plymouth and across in the US” and hoped “to strengthen and grow our client base and our team to bring as many of the big yacht brands to Plymouth as possible.”

Documents filed at Companies House show Yacht Solutions Europe appointed a voluntary liquidator on 29 June 2026. The firm has assets of around £18,000 that will be used to pay nine employees and the pension scheme, leaving less than £1,000 for other creditors. Debts total £608,542.

These debts include more than £176,000 owed to HMRC, nearly £85,000 to one lender, around £160,000 to six other banks and financial institutions, and £82,500 owed to employees as unsecured creditors.

A further 21 trade creditors are claiming a combined £34,700, while Yacht Solutions USA is claiming £71,000.

Steve Henson, managing director at Devon’s Castle Hill Insolvency, has been appointed joint liquidator.

He tells PlymouthLive that Yacht Solutions Europe entered creditors’ voluntary liquidation “following a period of trading and cash flow challenges”.

He adds: “We will now begin the statutory process, which includes realising the company’s assets and reviewing its affairs, and will report to creditors in due course. “Employees are able to access support through the Redundancy Payments Service where applicable.

“We appreciate that this is a difficult situation for those affected, including employees, creditors and other stakeholders, and further updates will be provided in due course.”