Thu, 22 May 2014 | BUSINESS SALE
Pembrokeshire-based Mustang Marine has been bought out of administration by a consortium of investors.
Grant Thornton had been appointed administrators to the boat manufacturer in March this year. Alistair Wardell and Nigel Morris of the business advisory firm’s Cardiff office have now confirmed a sale of the boat-building and marine services arms.
In the immediate aftermath of entering administration, Mustang Marine made 66 staff redundant, with 48 kept on to continue work on a number of projects. The future of 30 of these employees has been secured by the sale, while a further deal for the dry dock part of the business that administrators expect to complete later this week looks set to save another ten jobs.
A consortium of nine individuals led by Stewart Graves has bought the company, which is based at Pembroke Dock. Mr Graves is the interim managing director put in place to run the company late last year by the Milford Haven Port Authority. The value of the deal has not been disclosed.
The existing projects that the 30 staff will work on include building a Tidal Energy Turbine that will be installed in Ramsey Sound later this year.
Lead administrator and head of Grant Thornton in Wales Mr Wardell, said: “We are delighted to have been able to conclude a deal for the boat building and marine services parts of the Mustang business.
“This is very good news for the 30 skilled employees who have remained working for the company through the administration process. Their jobs are now secure, and the new owners are confident that the business will now grow with the aim of taking on further employees in the near future.”
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Related information:
Mustang Marine boatbuilder business for sale after entering administration
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