Thu, 08 Feb 2018 | ADMINISTRATION
A luxury yachting company has run aground after announcing that it would enter administration due to a lack of sufficient funding to continue trading.
Oyster Marine Holdings Limited, the holding company for Oyster Yacht, a group of luxury yacht builders, called in administrators from KPMG in order to consider the company’s next course of action.
KPMG’s Neil Gostelow, partner at the firm and joint administrator alongside Mark Orton, said that failing to secure “sufficient funding to be able to continue trading” was the final straw for Oyster Yachts.
He added: “Our immediate priority will be to seek a buyer for the business and its assets and would encourage any interested parties to contact us as soon as possible."
Oyster is a well-known player on the British sailing yacht scene and has enjoyed a well-filled order book until recently, entering liquidation shortly after announcing a record £80 million order sheet on 10 January 2018.
Shortly after this the Southampton-based shipbuilder informed all of its employees, believed to number around 160, that their jobs would be lost.
It is believed that HTP Investments, a Dutch institution that bought the yacht maker in 2012 for around £15 million, has withdrawn its financial support from the company.
At the time Oyster’s CEO, David Tydeman, said “we are not in administration at the moment and we are not in liquidation”, saying instead that the firm had consulted advisors about potential redundancies.
This week KPMG confirmed that Oyster was in administration.
A statement on Oyster’s website reads: “It is with sincere regret that we advise that the company [Oyster Yachts] has been unable to secure financial support to enable it to continue to trade at this time and it is looking at all opportunities available. Further information will be issued as soon as we can.”
Oyster is best-known for producing sub-30 meter yachts, though is believed to have two larger 37.45 meter projects underway for completion in 2018 and 2020. All over work has been suspended pending KPMG’s consultation.
Indicative offers are required by 12:00hours on Monday 20 January 2020 with a view to completion shortly thereafter. The proposed Joint Administrators are seeking parties interested in the business and assets of a Company that trades as a recruitment...
LEASEHOLD
Offers and proof of funding sought by 17:00hours on Friday 24 January 2020. The Joint Administrators are seeking parties interested in the business and assets of a commercial contractor business based in the Midlands.
Provides highly skilled and professional hospitality staff across a variety of sectors. Recognised as both a preferred and top tier supplier for several of its prestigious clients. Supplying both temporary and permanent Nationwide staffing solutions....
LEASEHOLD
|
17
|
|
Jan
|
Sample book and shade card manufacturer acquired from administration | BUSINESS SALE
The business and assets of Yorkshire-based display products ...
|
16
|
|
Jan
|
Northgate and Redde shareholders approve merger | MERGER
The proposed merger of listed companies Northgate and Redde ...
|
15
|
|
Jan
|
SSE sells retail business to OVO Energy | DIVISION SALE
Power utility SSE has announced it has completed the sale of...
Sign up to receive our acquisition alert emails to get your FREE guide
|
14
|
|
Jan
|
Beales in sales talks to avoid administration | ADMINISTRATION
Department store chain Beales is in talks with two potential...
|
09
|
|
Dec
|
Scunthorpe construction group call in administrators | ADMINISTRATION
Scunthorpe-based Clugston Group and Clugston Construction ha...
|
13
|
|
Nov
|
Brighton energy firm appoints administrators | ADMINISTRATION
Brighton-based utilities company Toto Energy has gone into a...
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