NZ superyacht firm sinks

Salthouse Marine Ltd built luxury launches. Photo / Janna Dixon

Overseas companies are keen to buy designs for "world-class" boats produced by Salthouse Marine Limited, a Kiwi boatbuilder placed in receivership on Thursday.

The Henderson-based family business has operated for 25 years, building top-end motor yachts worth up to $5 million.

The company's 50 staff were laid off on Thursday after receivers were appointed by Staples Rodway Trustee Company Limited, a 50 per cent shareholder in the company.

Director Julie Salthouse said the business fell victim to the economic downturn.

"This is the luxury end of the market, they're items that people don't need to have, and there's a lot of competition for that disposable spend," she said.

"The other side is that it's possibly not a good time to be seen to be building a $4m boat."

Salthouse said she'd been overwhelmed by messages of support from the marine industry, and the interest in the designs showed there was still hope for the company.

The company's range of six motorboats - between 16m and 25m in length - are custom-built to the buyer's specifications.

Interiors can include leather upholstery, laquered teak dining tables, timber joinery and outdoor barbecue and dining areas.

Dining tables can be lowered into the floor at the touch of a button, while flatscreen televisions fold away into the roof.

Cabins are fitted with queen-size beds, LCD TVs and ensuite bathrooms.

The company was established in 1983 by Julie Salthouse's father, boat designer Bob Salthouse, who is retired.

The family is a major name in New Zealand boatbuilding, with the first business established by John Salthouse in Greenhithe in 1955.

That company, Salthouse Boatbuilders, and others associated with the family, are not in receivership and continue to operate.

Receiver John Price from HPL Partners said the closure was particularly sad "for the many people in New Zealand who own Salthouse boats".

Three or four overseas companies had already shown interest in buying the designs.

"There's no doubt about it, they produce a world-class product."

Three boats, worth $4m- $5m, remained unfinished.

Price said staff would be employed on a contract basis to complete the work.

A third 20m launch, worth $4.7m, was only 20 per cent finished, and a completion settlement was being negotiated with the owner.

Marine Industry Association executive director Peter Busfield said Salthouse was one of the most popular launches in New Zealand.

He was confident the brand would continue "under a different arrangement".