Formula Cruisers closing
Well-known NZ boat builder shutting down after 30 yearsFormula Cruisers, one of New Zealand’s longest-established boat builders, has announced that it is shutting down business operations and closing the doors.
Well known for the Formula 4000 and 4500 models in the 80s and 90s, and more recently the semi-custom ICON range of luxury flybridge cruisers, Formula has been successful in building and selling boats in both the domestic and International markets.
Troy Woods, Formula’s General Manager says: "It was a tough decision to make and we have looked at a number of other options. A major factor is the sustained high NZ dollar.
"The majority of sales in recent years have been offshore and this market has been under enormous pressure with the rising dollar affecting our export sales levels. In the end, low-sales volumes, soft future-market conditions and increasing production costs are also all contributing factors," said Woods.
"As a team, we are extremely proud of each and every boat we have built and delivered to happy owners on both sides of the Tasman. We have seen a constant development and maturity of the range over the years; culminating in the spectacular ICON 58 No Xcuse launched late 2012," he added.
Formula has sold the ICON 54/58 molds to Auckland-based Dean Salthouse from Next Generation Boats who will continue to promote and build the range. Plans are also underway for the Prowler 10.4 powercats to be built at another yard in Auckland.
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