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Inflation was only a minimal concern prior to 1972 but in that year it hit with a vengence. The firm contracted for 4 vessels and was locked in at pre-inflation prices. The sever finacial losses was the end for this once prosperous shipyard. Despite the decline in popularity for wooden hulled vessels and a full 71 years of boat building, George Wagstaff always wanted to reopen the shipyard after its closure in 1972. However the end of the dream occured on February 2, 1976 when the Groundhog Day gale swept through Port Greville. The storm reduced the large boat shed to a pile of ruble. Many smaller buildings were severly damaged or swept out to sea by the storm surge. This date is known as the day that shipbuilding on the Parrsborough Shore ended for good. The death of George Wagstaff followed in 1978, the loss of a historic master builder.

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After the storm
12 February 1976
Port Greville, N.S.