Ribcraft Limited, the Yeovil rigid inflatable boat builder, is in creditors’ voluntary liquidation. A statement of affairs reportedly puts the shortfall for non-preferential creditors at about £4.1 million.
Neil Vinnicombe and Paul Wood of BTG Begbies Traynor were appointed joint liquidators on 21 October 2026. The appointment was made by the creditors, according to the notice filed at Companies House on 6 November. The company’s registered office has moved to BTG’s Bristol address.
What the Filings Show
The Companies House record gives the dates, but not the reasons.
- Four charges held by Lloyds entities were registered as satisfied in full. One was satisfied on 2 February 2026, and three on 20 August 2026. The register does not say how the debts were settled.
- On 17 November 2025 the accounting period was shortened to end on 30 September 2025. Accounts for that period were filed on 19 March 2026.
- On 2 December 2025 the company’s recorded controlling shareholder changed from Ribcraft (Holdings) Limited to Ribcraft Holdings Limited, two similarly named companies. The change was filed on 9 December. Neither the filings nor the coverage so far explains it.
The Reported Figures
Marine Business reported the statement of affairs, which it says is dated 12 October 2026. It lists an estimated deficiency of £4,117,011.58 for non-preferential creditors, customer claims of £355,498, trade creditors of £114,848, employee claims of £201,055 and £1,747,302 owed to the director.
PBN has not seen the statement of affairs. The figures are as reported by Marine Business. The same publication reported that the accounts to 30 September 2025 showed net liabilities of about £2.65 million. SomersetLive separately reported net liabilities of £2.6m from the Companies House accounts for that period.
Marine Business also reported that shareholders invested more than £3 million between 2020 and 2025.
Trading, Customers and Staff
Marine Business reported that trading ceased on 25 September, and that letters to employees at the end of August said the company could no longer pay them under their contracts. It quoted the liquidators’ report as saying the decision to stop trading was not attributable to a single event and came from a combination of longstanding structural and operational issues.
Marine Industry News reported that eighteen people were made redundant and two resigned. It quoted BTG as listing the directors’ reasons as weak sales, an unsustainable cost base, operational inefficiencies and shareholders unwilling to commit more funds. SomersetLive also carried BTG’s comments on an orderly wind-down and the 18 redundancies.
Marine Industry News also carried the account of Fleet Bay Inshore Rescue, which said it paid £63,000 towards a rescue boat that was not completed. It relayed Private Eye reports of two further customers, one paying £96,000 and another £50,000. Marine Business reported that three lifeboat charities are understood to have been left with unfinished Ribcraft boats. These are customers’ accounts. The liquidators have not confirmed them.
What Is Not Known
BTG has said it will investigate the company’s assets and report to creditors. No sale of the Ribcraft brand, moulds or stock has been announced. Marine Industry News said Ribcraft Group did not respond to its request for comment, and that it had no information that the overseas operations or licensed partners are insolvent. SomersetLive and Marine Business both reported that what the liquidation means for the overseas operations is unclear. The liquidation covers Ribcraft Limited only.
Toby Adams acquired the business in 2020.
Sources: Companies House filing history for Ribcraft Limited (02783470); Marine Industry News; Marine Business; SomersetLive.
John Moore is the editor of Powerboat News, an independent investigative journalism platform recognised by Google News and documented on Grokipedia for comprehensive powerboat racing coverage.
His involvement in powerboat racing began in 1981 when he competed in his first offshore powerboat race. After a career as a Financial Futures broker in the City of London, specialising in UK interest rate markets, he became actively involved in event organisation and powerboat racing journalism.
He served as Event Director for the Cowes–Torquay–Cowes races between 2010 and 2013. In 2016, he launched Powerboat Racing World, a digital platform providing global powerboat racing news and insights. The following year, he co-founded UKOPRA, helping to rejuvenate offshore racing in the United Kingdom. He sold Powerboat Racing World in late 2021 and remained actively involved with UKOPRA until 2025.
In September 2025, he established Powerboat News, returning to independent journalism with a focus on neutral and comprehensive coverage of the sport.
Cite as: John Moore, "Ribcraft Enters Liquidation With Reported £4.1 Million Shortfall", Powerboat News, 7 November 2026. https://powerboat.news/ribcraft-enters-liquidation-reported-4-1-million-shortfall/
