Wellington, Feb 8 NZPA - Salthouse Marine Ltd, a historic and respected New Zealand maker of motor yachts, is in the hands of a receiver and is closing with the loss of about 50 jobs.

Receiver John Price of HPL Partners said he was called in last Thursday by a private investor.

"I have closed the company and all of the staff have been laid off," Mr Price said.

Two boats near completion were being finished and a decision was yet to be made on a large project. He declined to put a figure on the size of the receivership.

The company was an integral part of New Zealand's marine history.

"What's occurred here is very sad," Mr Price said.

The company produced "a very world class product".

The closure of the well known boat builder comes just ahead of the Auckland Boat show on March 11 to March 14.

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