LEADING Kidderminster luxury-boat builder Sealine has gone into administration.

The company, based on Whitehouse Road, off Worcester Road, employs about 300 people and manufactures boats and yachts. Graham Bushby and Guy Mander of Baker Tilly Restructuring and Recovery have been appointed joint administrators.

Mr Bushby said: “Sealine has been an important employer in the area over a number of years. We appreciate that there will be great uncertainty among staff and we will endeavour to update them at the earliest opportunity.

“We will also be working to maximise recoveries for the company’s creditors, which includes the sale of plant and recovery of monies owed to the business.”

Sealine, which began trading in 1972, was part of the Brunswick corporation for more than 10 years before being bought by the American Oxford Investment Group in September 2011.

One month later, it was announced 37 jobs at the firm were to be axed and in February 2012 another 72 were lost.

Earlier this month the owners said it was “business as usual” after announcing they were looking to “recapitalise the business” and did not rule out putting it up for sale.