Thu, 03 Dec 2015 | ADMINISTRATION
A luxury boatbuilder in Northamptonshire has gone into administration, with redundancies likely while a buyer is sought.
Geoff Rowley and Alastair Massey of FRP Advisory LLP were appointed as administrators to Fairline Boats on Wednesday (2 December).
Fairline specialises in designing, engineering and manufacturing luxury boats - it operates out of premises in Oundle and Corby, as well as a testing centre in Ipswich. The boats range in length from 38 feet to 78 feet, across 14 different models, which are branded under the Targa and Squadron models.
Founded in 1963, the Yacht maker employs 450 people, with reports suggesting that 185 people have already been made redundant, while the rest of the workforce has been told not to come into work until Tuesday, when they will be updated about the plans for the company.
The administrators have said that they are conducting "an urgent review of the company’s financial position in order to make a more detailed assessment of the Company’s longer term viability in its present form, the business and ongoing staffing needs".
FRP Advisory added: "It is anticipated that there will be redundancies in the near term although the joint administrators will retain a core team of workers to help trade the business, service existing orders and liaise with customers, suppliers and boat dealers."
Fairline has struggled to maintain consistent leadership in recent times, with five different chief executives over the last few years.
Register your interest with the administrators
Expressions of interest for the business and assets are required by 5pm on 24th July 2019 with bids anticipated shortly thereafter. An opportunity exists to acquire the shares or alternatively the business and assets of this UK based, innovative comp...
*Trade Enquiries Only*. A leading UK designer, manufacturer and global distributor of critical components in specified compression fittings with a crucial safety function. Offers invited.
Manufacturer of Nets for everything except fishing. More than 130 years of continuous trading. The Company was founded in 1889 and is a very well established manufacturing business and has been a pioneer in the industry and consistently & successfull...
LEASEHOLD
|
19
|
|
Jul
|
Outdoor activity centre completes MBO | BUSINESS SALE
An outdoor water activity centre has been successfully sold ...
|
18
|
|
Jul
|
Filtermist International completes acquisition of industrial vacuum cleaner manufacturer | BUSINESS SALE
Filtermist International, an air extraction and filtration s...
|
17
|
|
Jul
|
Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION
A caravan manufacturing business in Preston is on the lookou...
Sign up to receive our acquisition alert emails to get your FREE guide
|
17
|
|
Jul
|
Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION
A caravan manufacturing business in Preston is on the lookou...
|
10
|
|
Jun
|
Historic Hull electrical engineering firm enters administration | ADMINISTRATION
An electrical engineering company, founded by William Shuttl...
|
05
|
|
Mar
|
Independent bathroom retailer enters administration | ADMINISTRATION
Thought to be the UK’s largest independent bathroom re...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources