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Dubois Naval Architects assets sold<\/p>\n
06 Mar 2017<\/p>\n
Dubois Naval Architects designed a string of distinctive yachts<\/p>\n
The assets of Dubois Naval Architects have been sold at auction for an undisclosed sum.<\/p>\n
Insolvency and restructuring firm CVR Global were called into the company earlier this year after it hit financial trouble following the death of founder Ed Dubois in March 2016.<\/p>\n
CVR Global instructed auctioneers Marriott & Co to hold an online auction of Dubois Naval Architects\u2019 assets, which included the iconic company\u2019s name and its intellectual property rights, drawings and designs.<\/p>\n
The auction attracted world-wide interest and resulted in all lots being sold exceeding the reserve prices.<\/p>\n
\u201cThe death of Mr Dubois had a dramatic impact on the fortunes of Dubois Naval Architects and the financial constraints the company experienced in a difficult market resulted in our appointment,\u201d said Terry Evans from CVR Global\u2019s Southampton office.<\/p>\n
\u201cFollowing an assessment of the company\u2019s affairs it was clear the business could not continue to trade and we subsequently instructed Marriott & Co to hold an auction of the company\u2019s business assets.<\/p>\n
\u201cWe are in the process of completing the procedure and early indications are that the outcome will result in the secured creditor being paid in full. If the work in progress is completed satisfactorily, the end result may provide a dividend to the remaining creditors.\u201d<\/p>\n
Gavin Marriott, director of Marriott & Co, added: \u201cWe are pleased to say that the best bids for all the lots at the auction exceeded the reserve prices and that we are in the process of completing the sales accordingly.<\/p>\n
\u201cThere has been world-wide interest in the Dubois assets and we believe that the auction result was excellent.\u201d<\/p>\n
Mr Dubois\u2019 first yacht design, Borsalino Trois, won the British Trials for the Three Quarter Ton Cup, the RORC Class IV overall prize and the Solent Points Championship.<\/p>\n
He founded Dubois Naval Architects in 1977 and went on to design a string of boats that won events throughout the world in the 1980s and 90s.<\/p>\n
Commissions for production boats followed racing success with the company known for pushing technology.<\/p>\n
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