Grant Thornton steps in as yacht race organiser ‘sinks’

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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