DATELINE :- 6th March 2000

Bovisand owner

Fort Bovisand changes hands - again
Plymouth's Fort Bovisand Underwater Centre Ltd went into receivership in December, less than two years since its owners had bought the assets of a previous bankrupt operator and announced a £1.2m investment programme.
Financial details have not yet been made available but it is thought that Fort Bovisand Underwater Centre Ltd was unable to service loans. Joint owners Mike Papavasiliou and Wayne Holman had previously bought the company's assets from operator Dave Welsh who, trading as Plymouth Ocean Projects Ltd, went into liquidation in late 1998.
Now Ross Noble, previously an instructor at the Fort, has purchased assets and the lease to continue to operate as a diving training centre. He was working to secure financial backers as Diver went to press.
"I have negotiated with a commercial finance company with a view to sensible long-term investment," he said. "Once a budget is in place, I aim to batten down the hatches, so to speak, and build a solid business base over a period of time."
Throughout the period of bankruptcy and repurchase, the centre has retained staff and continued to trade. It says it will honour previous bookings taken for courses and accommodation in 2000.

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