A BOAT maintenance business has stopped trading and is set to be liquidated.

Marine Options Poole called in insolvency and restructuring specialists to advise on its financial position.

It subsequently stopped trading, saying it was unable to pay its debts.

A sister business, UK Marine Spares Limited, is also being liquidated.

The 22-year-old Marine Options business, based at Hamworthy’s Cobbs Quay, specialised in repairing and maintaining leisure craft.

It had nine staff as of last year.

A statement from restructuring firm Begbies Traynor said: “On October 11, 2022, the directors of Marine Options Poole Ltd, approached Begbies Traynor (Central) LLP of 2/3 Pavilion Buildings, Brighton, East Sussex, BN1 1EE for advice about the company’s financial position.

“The advice culminated in a board resolution on October 25, 2022 that the company was unable to pay its debts. The company ceased to trade on October 25, 2022.

“Resolutions to wind up and appoint liquidators will be considered at a general meeting of the company to be held on November 9, 2022.

“In the meantime, the directors are still in control of the company and anyone wishing to collect any items not owned by the company should contact the directors directly."

It added: "UK Marine Spares Limited is also entering liquidation proceedings today. Begbies are also handling this Liquidation." 

Marine Options Poole carried out interior, electrical and engineering installations a swell as exterior boat work.

Its website says of the business: “Since 2000, its team of expert marine professionals have been repairing, maintaining and providing ongoing boat care services for a wide range of pleasure and leisure craft including motor and sailing yachts, cruisers, tenders and dinghies.

“Marine Options enjoys a hard-won global reputation for the quality of its work ranging from complete refits to marine carpentry, GRP maintenance, engineering and electronics expertise and specialist valeting services.”

It also describes the business as a commissioning agent for Sunseeker International in Besenzoni, Italy; Idromar International Products, Zipwake, Coppercoat and Hypro Marine products.