One of Europe’s largest luxury boat dealerships went into administration on Tuesday and a buyer is actively being sought.

The business currently has licence agreements with Azimut, Bavaria, Legend, Rodman and Island Packet.

Jane Moriarty, partner KPMG Restructuring and joint administrator said: “Due to difficult trading conditions the company has experienced extreme cash flow problems. Although the business continues to trade, we have unfortunately had to make 130 members of staff redundant.”

All queries regarding waranties should be referred to the offices at the PetersOpal site in Chichester Marina, telephone number 01243 511381. However, a spokesman for Peters claimed that many customers with outstanding waranties were being contacted by the company.

KPMG have set up a contact number for customers who have paid desposits on boats or had them sold by BA Peters PLC: Contact William Lewis, tel: 07771 555540