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is believed that HTP Investments, a Dutch institution that bought the yacht maker in 2012 for around £15 million, has withdrawn its financial support from the company.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.
Supplies high-quality boxes, utilising the latest technology to produce superior products. Embraces works of all sizes and complexities, undertaking a multitude of projects. Highly skilled management team, with some employees having worked in the ind...
FREEHOLD
Provides creative and commercially focused environmental design, planning and development solutions for clients operating across a diverse range of sectors. Adds value to its clients’ projects and delivers bespoke solutions in line with their require...
LEASEHOLD
Manages commercial and industrial projects of all sizes, specialising in roads, sewers and groundworks in the social and speculative housing markets. Operates on a regional basis, predominantly working with organisations based across the West Midland...
FREEHOLD
|
27
|
|
Nov
|
AIT Worldwide Logistics acquires UK home delivery specialist | BUSINESS SALE
AIT Worldwide Logistics has acquired home delivery company P...
|
26
|
|
Nov
|
Magazine publisher Future agrees £594m GoCompare deal | BUSINESS SALE
Magazine publisher Future has agreed a £594 million ca...
|
26
|
|
Nov
|
BSR launches the UK Company Lens | BUSINESS NEWS
For the past four months, the team here at Business Sale Rep...
Sign up to receive our acquisition alert emails to get your FREE guide
|
19
|
|
Oct
|
Ford tuner Mountune saved in acquisition by founder | BUSINESS SALE
Essex-based Mountune, a firm specialising in tuning packages...
|
18
|
|
Aug
|
Ford performance part specialist seeking buyer or investment | BUSINESS SALE
Mountune, an Essex-based company specialising in the manufac...
|
12
|
|
Aug
|
Baird Group to close stores as CVA is approved | BUSINESS NEWS
Retailer and wholesaler Baird Group, the license holder for ...
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