Trev Terry boatyard receivers looking for a buyer as ‘tough market’ hits

Trev Terry sells boats including models similar to the Stabicraft 1650 Fisher pictured here.

Receivers of a family-owned boat business hope to find a buyer despite some tough economic conditions.

Trev Terry Marine went into receivership on February 23 but the receiver expects it to attend this week’s Wānaka A&P show.

Natalie Burrett of Calibre Partners said it was too soon to say exactly what caused the company’s troubles but the sector had faced difficulties lately.

“It’s a tough market out there for a boatyard.”

Burrett said Trev Terry was still operating and serving customers.

She said the company had 67 staff and branches in Taupō and nearby Kinloch, Turangi, Napier, Invercargill and Wānaka.

Burrett said the firm was a “very well-established” family business with loyal customers.

The company was founded in 1990.

It sells boats and Weber barbecues and also has workshops.

Some approaches to buy the company had already been made, Burrett said.

“We have had some interest already. There’s some contacts we’re aware of and also we’ll be running a publicity campaign.”

She said it was a difficult time for director Brock Terry and others in the company.

“He’s working with us. It’s a tough time for him and all the staff.”

Terry was phoned for comment and a voicemail greeting said he was unavailable.

Burrett said the company would attend some key events including the Wānaka A&P show, which runs on Friday and Saturday.

“The company will be showcasing at [that] as usual.”

She said the first receivers’ report, expected in a few months, would outline more details about who was owed money and what might have caused the business’ problems.

Trev Terry Marine on a company Facebook page was still updating customers and followers this week.

“Our workshop is still going strong, and we’re proud to be your trusted partners in keeping your boats in top shape.”

Trev Terry sells boats including Buccaneer, Stabicraft, Haines Hunter, Fi-Glass and Regal models.

Wānaka branch manager Hayden Vaughan told the Otago Daily Times the receivership was a shock.

He said people selling boats and other luxury items benefited from a bubble during Covid but that had long since burst and many firms were now facing a “massive downturn”.

Data from Stats NZ showed retail sales in the December quarter nationwide were down 1.9 per cent on the September quarter.

Imports of vehicles and mechanical machinery and equipment in the December 2023 quarter were well down on the last quarter of 2022.

And the same day Trev Terry went into receivership, Westpac chief economist Satish Ranchhod told the Herald many appliance, furnishing and hospitality businesses were struggling.

He said inflation and high interest rates were curbing many households’ enthusiasm for spending.