In a surprise move Long Botham Boats Co. Ltd. president and chief executive officer Andrew Allan has relinquished all his shares in the company to a group of corporate shareholders and left the company.

Mr. Allan was the principal shareholder in the company which operates Henry VIII Restaurant and Pub.

The shareholders are represented by lawyer Paul King, who has been made chief executive officer in his place. Mr. Allan did not want to comment on the matter. Mr. King did not return a telephone call.

According to the company's past financial records the company had guaranteed bank loans made to Mr. Allan and had made unsecured cash advances to him. In the last financial year to June 30, the company's unsecured advance to Mr.

Allan increased by about $8,000 to $244,316.

In 1991 the company provided a guarantee of $750,000 to the bank as security of a loan taken by Mr. Allan. The guarantee is secured by a second mortgage of $750,000 on the company's land and buildings. At June 30 Mr. Allan's liability to the bank was about $133,400.

Earlier this year members of the Gosling family, which owns liquor company Gosling Bros Ltd., purchased about ten percent of the stock in Long Botham Boats Ltd. The purchase was made off the Bermuda Stock Exchange October 24 in a private transaction but was not made public until the BSX instructed the company's board of directors to make the announcement as required under listing regulations.

Malcolm Gosling, Mary Gosling and Nancy Gosling jointly purchased 25,624 shares, and Charles Gosling bought 25,624 shares at 75 cents a share. The 51,248 shares cost the Goslings $38,436 compared to a cost of $102,496 if they had bought it on the exchange for the asking price of $2 during that period.

The 75 cents a share represents a savings to the Goslings of about $64,000.

Prior to the off exchange transaction, the stock had traded for $2.50 on April 17.