Firm set up by ex-Princess Yachts employees goes bust with huge debts

A Plymouth boat refit firm set up by former Princess Yachts employees has collapsed with large debts, leaving a significant portion of liabilities unpaid. Yacht Solutions Europe Ltd, based at Turnchapel Wharf, entered creditors’ voluntary liquidation after trading and cash-flow challenges, according to Companies House records. The company handled yacht refits and repairs worldwide, and opened a Florida base in 2023. Liquidator Steve Henson of Castle Hill Insolvency reported that about £608,522 is expected to go unpaid, with only around £18,000 in assets. Creditors include HM Revenue and Customs for more than £176,000, nearly £85,000 to a lender, about £160,000 owed to six banks and institutions, and £82,500 to workers as unsecured creditors. The firm’s U.S. arm, Yacht Solutions USA, is also owed £71,000.