The creditors of Brackmills Print & Design, based in Northampton, have been left with a 695,825 shortfall following the companys liquidation by Wilkins Kennedy.


The records of the 1.6m-turnover company show that it embarked on a market-ing campaign that involved the purchase of a 110,000 Tradewind 35 cruising yacht.


ICSM partner Steve Mepham said: Their decision to buy a 100,000-plus boat beggars belief. I thought that Northampton was land-locked. Maybe they were worried about global warming.


The boat is 60% complete and is only expected to realise 10,000 for creditors. The firms total assets amount to 36,000, leaving a shortfall of 27,903 for its preferential creditors and a total deficiency of 695,825.


The companys last figures to 31 December 2000 show pre-tax loss of 95,054 on sales of 1.6m. Cashflow problems hit in January after a major customers credit limit was slashed.


A number of paper companies were among the creditors, and will be forced to absorb bad debt this year.


Story by John Davies