A long-established and pioneering boat-building company has been put into liquidation.

Colvic Craft plc, based on the Earls Colne Industrial Park, was put into liquidation after an application was made against the company at the High Court in London on Friday.

The joint directors, Colin Burns and Victor Pascoe, had applied on October 19 to appoint an administrator which would have allowed the company to continue trading.

Instead this was withdrawn and Sochalls Insolvency Service, of Wimpole Street, London, successfully petitioned for a winding up order.

A spokesperson for Sochalls said: "The company is in liquidation. A winding up order was made against the company and the official receiver in London is dealing with the liquidation.

"The official receiver is the liquidator until such time as they appoint an independent liquidator."

Mystery surrounded the company, which had been operating for nearly 40 years, when employees arrived at the offices on the old Earls Colne airfield two weeks ago to find the premises locked up.

It puts in doubt about 50 jobs unless a salvage package can be drawn up to safeguard boat-building on the site.

Colvic entered in to a Company Voluntary Agreement back in February and the company laid off about ten workers.

But back in August the Gazette reported Colvic had just completed the mould of its biggest ever boat, an 80ft-long motor yacht.

And despite the lean period Colin Burns said the industry was enjoying a boom.

No directors were available for comment today (Tuesday).

Converted for the new archive on 19 November 2001. Some images and formatting may have been lost in the conversion.