Olympic closure forces company into liquidation (From Dorset Echo)

Olympic closure forces company into liquidation

1:00pm Friday 27th January 2012 in Local News By

A MARINE services company on Portland is going into voluntary liquidation due to the economic downturn and the impact of enforced closure during the Olympics.

The directors’ of Cove Marine, which provided new boat sales and services, have ‘regretfully’ announced that the company is in liquidation.

A company spokesman said: “The well publicised economic downturn has had a profound effect on the sale of new boats, with sales of new boats down 75 per cent from its peak across the industry.

“To add to this already difficult situation we are also suffering the consequences of a severe reduction in the number of boats stored in the yard of the Portland Marina and the closure of the marina to business for three months during the Olympics.”

The liquidation of Cove Marine Ltd in no way affects Cove Yacht Brokerage Ltd which is a completely separate company and continues to trade profitably from its Weymouth harbourside and Portland Marina offices.