Wed, 09 Dec 2015 | ADMINISTRATION
Fairline, the luxury boat builder which entered administration, is being marketed for sale by the administrators FRP Advisory.
Fairline appointed administrators on 2 December after struggling with five different chief executives in the last few years. The company's financial position was also brought under review.
Now the anticipated job cuts and sale of the business are starting to kick in. FRP has said that it will keep 69 staff on a temporary basis in order to liaise with the company's existing clients but some 380 workers will lose their jobs.
The administrators are working to “ensure value can be realised from servicing existing orders”. Joint administrator Alastair Massey added: “The business is being marketed for sale … Fairline is a proud brand and has an array of loyal customers.”
There is a general perception that under the management and leadership the company still has life in it.
Fairline was sold by its private equity owners Better Capital in September 2015. The company sold it to Wessex Bristol, a group of luxury brands, in a deal that valued the business at £13.5 million. Just months later the yachtmaker filed for administration.
Fairline has bases in Corby and Oundle in Northamptonshire and has been producing a top-of-the-range product since the early 1960s.
Read more about Fairline entering administration. Or check out other businesses in administration.
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