BusinessBusiness RecoveryGrant Thornton steps in as yacht race organiser ‘sinks’

Grant Thornton steps in as yacht race organiser 'sinks'

Organiser of Global Challenge yacht race in administration

Grant Thornton has been called in as administrator at Challenge Business
International, the company owned by round-the-world yachtsman Sir Chay Blyth.

Challenge Business International organises races and corporate yachting
events, but has had to postpone its next Global Challenge race because it had
failed to find a sponsor.

Challenge Business made a £620,663 loss in 2004.

Grant Thornton joint administrator Nigel Morrison said: ‘Cashflow became
difficult to manage as the company entered the autumn with very few events
scheduled until next spring.’

He added: ‘Our intention is to establish shortly whether there is a
possibility for a going concern sale of the business or whether it will be
necessary to realise the assets of the company separately.’

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