TWO former business managers at South Boats IOW have bought the firm's assets and equipment, securing jobs at the Medina Yard site.

After paying an undisclosed sum, Ben Colman and Matt Floyd will transfer everything, including the firm's employees, to their new company.

As Diverse Marine, they will continue to be based at Medina Yard, Cowes, with a three-year lease in place, offering the same commercial vessel repair and refit services.

Concerns were raised about the future of South Boats IOW in May, following news operations were moving to the Norfolk headquarters of its sister company, Alicat Workboats.

But Mr Colman said today (Wednesday): "We are delighted to announce the completion of the purchase and formation of Diverse Marine, and we are overwhelmed by the support from clients, suppliers and the wider marine industry as we take the company into the future.

"This is enormously positive news for all the families of staff involved and for the Island’s marine industry.

"We have a strong vision for the future and have started to map how we may get there.

"The support and integration of our team as the company steps on this path is very important to us.

"Starting afresh and leaving the past behind has been invigorating for everyone involved."

Working with naval architects, Diverse Marine is developing a new portfolio of commercial vessel designs including RIBs, fishing boats, work boats and wind farm crew transfer vessels.