Britain's largest multiple marine retailer, Action Leisure, formerly known as Caverdale, and a number of its subsidiaries have been put into administration today.
Britain’s largest multiple marine retailer, Action Leisure, formerly known as Caverdale, and a number of its subsidiaries have been put into administration today.
The group operates from over 30 sites across the UK and employs approximately 600 people and operates in the motorcycling and marine leisure markets.
Within the group the following companies are in administration: Caverdale Securities, Caverdale Rentals, M&P Motorcycle Accessories, Motor Cycle Parts Supply, Speed Marine Holdings, Express Marine Services and Shoreline (Yachtsmen) which comprises the company’s retail outlets Force 4, Captain OM Watts, Cruisermart, Shoreline, Lakedale, Telesonic, London Yacht Centre and the on-line internet retailing operation YachtPeople.com.
Alan Lewis, one of the joint Administrators commented: “Trading conditions have become increasingly difficult for ActionLeisure in recent months in all its leisure businesses. The group has experienced losses arising from the failure of Independent Insurance and the foot and mouth epidemic has had a detrimental impact on the group’s leisure division.”
At present no major changes to the group’s operations are expected. The administrators, Arthur Andersen, intend to continue trading the business as normal while reviewing the status of the group. A number of offers have been received for the sale of the business as going concerns, which says Arthur Andersen, are being actively pursued.