SEALINE’S Kidderminster factory will be put up for sale and manufacturing of luxury boats shipped overseas, after the brand was sold to a pan-European investment company.

The Worcester Road-based firm's administrators, Baker Tilly, have sold the Sealine brand to a newly founded subsidiary of Aurelius.

A Baker Tilly statement said the acquirer planned to produce the 380 and 450 series models through contract manufacturers and those assets would be shipped overseas.

Manufacturing of the remaining unfinished boats in that series could also be moved abroad.

Baker Tilly is now arranging the clearance of the remaining plant, machinery and equipment and stock.

The site's remaining 34 employees will be assisting with that process and emptying the 11.5 acre Kidderminster premises, which will be marketed for sale.

The move comes after Sealine made 234 people redundant in April when it fell into administration in a shock announcement.

It has since been revealed by business magazine Insider that Sealine owed nearly £20 million - it is not clear if creditors will see any of that money.

According to its website Aurelius specialises in acquiring companies with development potential and providing them with operational support. It trades on the Munich stock exchange with offices in the German city as well as London.

It has subsidiaries across Europe, Asia and in the United States.