Whangarei superyacht builder goes into receivership

Prime Minister Helen Clark talks to New Zealand Yachts founder and chairman Allen Jones at the 2001 opening of the company's construction shed. Photo / Northern Advocate.

A company which promised to turn Whangarei into a world centre for superyacht-building has gone into receivership.

New Zealand Yachts would continue to trade, receiver and manager Paul Sills, of Auckland law firm Hornabrook Macdonald, said.

Caterpillar Financial New Zealand Ltd started the recovery process after New Zealand Yachts' loans became due on November 1, the Northern Advocate reported.

The super yacht-builders came to Whangarei in 2001, promising to create up to 1000 jobs.

The company's business focused mainly on refits, only building one yacht of the armada it hoped for.

Expatriate New Zealand businessman Allen Jones, who established a large car-washing business in the United States, founded the company, but had since returned to the US .

At the time of its receivership, his son, Damon Jones, was the company's marketing and sales manager, with Martin Gleeson as general manager.

The receiver said the company still operated a first-class refit yard, which could attract work worldwide . It did not need a cash injection to keep going at this time, he said.

- NZPA