Digital Yacht Technologies Limited (02282978): administration
- Status
- Administration ended
- Administration began
- 2012-10-02
- Administrators
- Gilbert J Lemon, Paul David Wood
- Administrators' firm
- Evelyn Partners
- Formerly
- Marine Electronic Services Limited
- Incorporated
- 1988-08-02
- Location
- Bristol
- Industry
- 46520 Wholesale of electronic and telecommunications equipment and parts
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The Company operated as a specialist mauine electronics manufacturer operating in both trecteational and commercial maritime matkets The Company operated from leasehold premises in Bristol and until recently also had ptemuses in Poole The Company traded successfully fot many years and at the end of 2011 the director decided to sell off pait of the business to Cactus Communication & Navigation Limited, now known as Bridge Wharf Limited, that company has a common director with the Company in administration (Nicholas Heyes who 1s also a 50% shateholder in Bridge Wharf Limited)
The sale agreement allowed for assets to be purchased at full value and also included a 3 yeat earnout provision The agreement was concluded on 22 December 2011
The temaining business continued to trade but incutred difficulties tn settling an account with sts largest supplier Raymatine Belgium BVBA (“Raymarine”) This led to a period of negotiation however a statutory demand was issued by Raymarine on 13 July 2012 Following this the director sought advice from Smith & Williamson regarding negottating a settlement which resulted in him making a settlement offe1 This was not acceptable to Raymarine and resulted in them issuing a winding up petition on 21 August 2012
Administrators' statement of proposals (2012-11-28) · Companies House register