Tue, 28 Jan 2025 | ADMINISTRATION
Luxury yacht manufacturer Fairline Yachts has gone into administration only two months after being bought by new investors.
However, administrators Alvarez & Marsal are hopeful that the business will find new buyers.
Alvarez & Marsal said Fairline Yachts, which was founded in 1967 and is based in Oundle, Northamptonshire, would continue to trade as normal, with no immediate redundancies.
The company designs and manufactures luxury yachts which are then sold to a worldwide network of over 40 independent dealerships.
It was only in December when private equity firm Hanover Investors, which acquired Fairline in June 2021 via its Hanover Active Equity Fund II, sold its stake in the firm to Arrowbolt Propulsion Systems.
At the time Arrowbolt said it was appointing Peter Hamlyn, former operations director of Fairline from December 2018 to January 2021, as the chief executive of Fairline.
Following the takeover, over 100 employees at Fairline were made redundant.
Michael Magnay, joint administrator to Fairline Yachts, said: "The business is continuing to trade as usual. We are thankful for the support and understanding of staff and there are no redundancies at this time. We are actively pursuing a sale of the business and are confident of a substantial amount of interest given the recognised brand and strong heritage. We encourage interested parties to make contact with us."
In its most recent filing with Companies House for the year ending 31 December 2023, Fairline reported a turnover of £41.1 million, down from £48.3 million the previous year. Its operating loss of £19.9 million was wider than the £17.8 million loss of 12 months before.
It said its results had been hit by shortages of key parts due to the disruption of the availability of key commodities in the global supply chain. This, it said, had increased the time taken to manufacture its boats.
However, it still invested in product development including a new mid-sized range called Squadron 58.
At the time the company had an average monthly employee base of 539 people.
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