A virtual meeting of creditors has been called for Cornish Crabbers. It’s been convened by Peter Thomas, MD, and is due to take place on 13 March. Thomas joined the British boatbuilder in 2001 as an assistant salesman and has seen it through some troubled and successful times.

‘A meeting of members has been called and will be held prior to the virtual meeting of creditors to consider passing a resolution for voluntary winding up of the Partnership,’ says the creditors’ meeting notice, published in the London Gazette. A notice of a meeting of creditors or of contributories, is generally for the purpose of ascertaining their wishes in all matters relating to the liquidation of a company.

‘The resolutions to be taken at the creditors’ meeting may include the appointment by creditors of a liquidator, a resolution specifying the terms on which the liquidator is to be remunerated, and the meeting may receive information about, or be called upon to approve, the costs of preparing the statement of affairs and convening the procedure to seek a decision from creditors on the nomination of a liquidator,’ the notice continues.

In its latest unaudited financial statements (31 December 2022), the company was looking at over £1 million owed to creditors in a variety of forms (including bank loans and taxes).

An industry source posits that the current market is very tough for small boats. “No boats under eight metres are selling at the moment,” the source told MIN in confidence. “There are 100s of boats sitting on forecourts that aren’t selling. The market is really flat. Cornish Crabbers doesn’t generally make big boats. The volume of boats for sale under eight metres could be the problem.”

A different anonymous source told MIN: “There are too many crabbers out there, loved by many people, for the company to disappear completely. Look at its history, it always comes back from the brink. There are always people who want crabbers. Someone will grab it at some point and it will be a profitable boatbuilding business once again, I’m sure. It’s a classic shape and design that people love.”

Cornish Crabbers was established in 1979 (building on the foundation of Westerly Boats), and became what it terms as ‘a nautical icon’ with the introduction of the Shrimper 19, a design by the acclaimed Roger Dongray.

In 2009, the brand was bought by previous customer and entrepreneur Philip Langsdale. Select Yachts, which then made the Cornish Crabber range, collapsed in November 2008. At the time, Thomas – who was by then sales manager – told the BBC that most of the £700,000 investment had “gone into buying the factory instead of renting the factory and just securing people’s jobs well into next year.

“The order book is covering that quite happily at the moment and next year we’re hoping to get near 30 people in total.”

By 2001 the company had established itself as the leading producer of gaff-rigged boats, and was producing 12 sailboat designs plus powerboats.

Main image of a brand new Pilot Cutter 30’s hull meeting the deck for a permanent fit, courtesy of Cornish Crabbers Fans Facebook.

MIN reached out to Cornish Crabbers but was unable to make contact.

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