Yeovil RIB builder Ribcraft Limited enters liquidation, 18 jobs lost

Ribcraft Limited, the Yeovil, Somerset, maker of rigid inflatable boats (RIBs), has been placed into voluntary liquidation. Neil Vinnicombe and Paul Wood of Begbies Traynor Group (BTG) were appointed joint liquidators on 21 October 2026, according to a notice publicly available on the Gazette's website. The notice was signed by director Toby Adams and dated 22 October 2026.

A BTG spokesperson said the directors cited difficulty generating sales revenue, an unsustainable cost base, operational inefficiencies and shareholders' reluctance to commit further funds. BTG said it would make enquiries into the company's assets and that remaining assets are usually sold to seek the best return for creditors. Details will be set out in the liquidators' report to creditors.

BTG's appointment covers only Ribcraft Limited. It said it cannot comment on other Ribcraft Group operations, and there is no information suggesting the group's overseas operations or licensed partners are insolvent.

Staff were told on 28 August 2026 that the company could not continue trading, and their contracts were terminated that day. A message from Adams said trading would close immediately, apart from work needed to finish a small number of essential projects. BTG confirmed that 18 employees were made redundant, while two others had resigned before the liquidation.

Companies House records show statements of satisfaction for three charges against the company were filed on 20 August 2026.

Duncan McConchie, a trustee of Fleet Bay Inshore Rescue Service, said the community-funded lifeboat charity raised £150,000 for a new 5.3m boat after the coastguard stopped taskings in 2023 because its previous boat did not meet the rescue boat code. He said Ribcraft was the only company they found able to build a boat of that size.

Payments began in late December 2025 under a four-stage agreement. McConchie said the hull was started around April 2026 and that delays continued. By then the trust had paid £63,000, three quarters of the agreed price. In July 2026 it had the hull collected by another boatbuilder, which added the collar. The boat has since gone north for wiring, coding assessment and sea trials, and should be on the water by Christmas 2026.

McConchie said other organisations have also paid deposits for boats not delivered. Private Eye has reported that an Irish coastal search unit paid £96,000 towards an uncompleted replacement boat, and that another search and rescue unit paid £50,000 in down payments and received an unfinished boat. Ribcraft Limited and Ribcraft Group did not respond to requests for comment. BTG said it cannot comment on trading before its appointment, including unfinished boats.

Adams acquired the Yeovil manufacturer in 2020, having earlier invested in a licence to build Ribcraft boats in the United Arab Emirates. He said at the time he planned to expand the factory, strengthen aftersales support and pursue more government and military contracts. The company built RIBs for leisure, commercial and military use, and its boats have been used by police, military and emergency teams. It won a contract to build 64 rescue boats for the London Olympics. In June 2023 it announced a new range of high-end leisure RIBs and a global dealer network.

Ribcraft Group named Mike Jones as group CEO in August 2026. The company's LinkedIn profile lists the group's headquarters as Abu Dhabi, with support centres and licensed partners in Australia, India, Saudi Arabia and the Philippines.

Anyone needing further information can contact the liquidators on 0117 937 7130.