Luxury yachting company hit by administration

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is believed that HTP Investments, a Dutch institution that bought the yacht maker in 2012 for around £15 million, has withdrawn its financial support from the company.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.


Share this article



Latest Businesses for Sale

Print & Embroidery Business
Cambridgeshire, East of England, UK

Operating in excess of 30 years print and embroidery specialists. This is a retirement sale. Offers invited.

Asking Price: £750,000
Turnover: £1,500,000

LEASEHOLD


Large Property Portfolio Business
East Riding of Yorkshire, Yorkshire and the Humber, UK

Large property portfolio. All properties are residential. All properties are in good order. Situated in a compact geographical area. Offers invited.

Asking Price: £6,000,000
Turnover: £480,000

Showhome Interior Designers & Furnishers
Cambridgeshire, UK Wide

Established 1981. Enviable reputation. Fantastic trading location. Semi-retirement sale. Offers invited.

Asking Price: £775,000
Turnover: £1,269,946

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
17
 
Jul
 

Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION

A caravan manufacturing business in Preston is on the lookou...

 
16
 
Jul
 

Farsound Aviation sold to AGIC for £115 million | BUSINESS SALE

A supply chain management company operating in the aviation ...

 
15
 
Jul
 

Specialist engineering firm forced to appoint administrators | ADMINISTRATION

Rail contracting company Aspin Group Limited has been forced...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
09
 
Jul
 

Assets for sale as engineering firm appoints administrators | ADMINISTRATION

An engineering firm based in South Yorkshire has fallen into...

 
26
 
Jun
 

'All options' being explored for collapsed Welsh cheese maker | ADMINISTRATION

A cheese-making factory in Snowdonia has collapsed into admi...

 
02
 
Apr
 

Administrators appointed at Yorkshire engineering firm | ADMINISTRATION

An engineering contractor from West Yorkshire has been force...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources