Background
Peters Opal plc, one of the UK’s largest marine distributors, collapsed into administration in August 2007, immediately prior to the Southampton Boat Show. A middle management team from the failed company identified an opportunity to buy a number of repossessed boats for £1.4 million and exhibit at the show. However, they were unable to secure the necessary finance in such an accelerated time frame.
The team turned to Hilco Capital to fund their business plan and initial stock purchase, launching Clipper Marine to the market with a credible offering at the Southampton Boat Show at the beginning of September.