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North East boatbuilder set fair for Olympic success

A world-renowned North Tyneside boatbuilder is set to see its boats competing on the waters at the 2012 Olympics.

Ovington Boats manufactures high performance dinghies and yachts, and its boats have consistently achieved success at Olympic, World, European and UK sailing events.

And despite the difficulties caused by the global recession, it has managed to record a 20 per cent increase in turnover over the last 12 months, a trend which has been also been reflected in the company’s profitability.

Ovington has increased production space by adding a mezzanine floor to its building on the North Shields Fish Quay.

Finance director Veronica Brown said: “The years leading up to an Olympic games are when the competitors are trying to both secure their places on their respective countries’ teams, and find the boat that will give them the best chance of success when they get out on the water.

“For us, this means a real boost in trade, and as we’re one of only a few specialist boatbuilders in the world that make the Olympic class 49er dinghy, we’re getting enquiries and orders from right across Europe and elsewhere.

The company’s team of managing director Chris Turner, sales and marketing director Dave Hall, and Veronica Brown conducted an MBO of the company in 2006 with the help of a £250,000 investment from NEL Fund Managers.

Veronica said: “NEL’s involvement with the MBO was crucial in making it happen, and they have stayed close to the business over the last two years, providing very useful support along the way.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .