Well-known Isle of Wight boatbuilder Island RIBs has gone into liquidation, although its brand and production are set to continue under new ownership following the sale of the company’s assets.
It has been confirmed that Stewart Goldsmith and Michael Fortune of Leonard Curtis were appointed Joint Liquidators of Island RIBs Limited on 16th September 2025.
Based in Cowes, Island RIBs is known for designing and building high-quality rigid inflatable boats (RIBs) ranging from 6.8m to 10m. But in recent times the business has faced mounting financial pressure due to rising production costs and a slowdown in demand across the marine sector.
Before entering liquidation, the company’s assets were sold through a structured sale process. Once that transaction was completed, the directors – acting on the advice of professional insolvency specialists – placed the company into liquidation.
This means the original company has formally ceased trading, but its brand, designs and production equipment have been acquired and will continue to be used under new ownership.
Joint Liquidator Stewart Goldsmith has said:
“Following an independent valuation and a structured marketing process, the joint liquidators determined that a sale of the company’s assets offered the best outcome for creditors, helping to maximise realisations and reduce claims within the liquidation.
“Island RIBs has built an excellent reputation for quality and innovation in both leisure and commercial markets, and its recently launched 6.8m model has already generated strong interest. We hope the new owner can build on this foundation and give the business a fresh start.”
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Production is expected to remain in Cowes, helping to safeguard jobs and maintain continuity for existing customers and suppliers.
Island RIBs’ liquidation comes amid a challenging period for the UK marine industry, with rising raw material and energy costs, higher interest rates and supply chain disruption affecting many manufacturers.
Several other well-known names, including Fairline Yachts, have also faced financial difficulties this year.
That’s a Labour Government for you, roll on
the next budget.
Lol
So, financial shinanigins, reminiscent of GTI.
Are there companies or individuals left with unpaid unpaid bills?