Riviera Australia goes under

wildkactus · 05-08-2009, 03:24 AM

Hi all,

Don't know if you have heard but Australia's biggest boat builder was put into voluntary receivership toady.

they have been putting people off and making others take leave for the last few months now it all seams to have been just putting the end off.

here is a couple of stories about it...

http://www.skynews.com.au/news/article.aspx?id=330007

http:///www.news.com.au/couriermail/...5-3122,00.html

Thanks.

WildKactus

PS: Admin can you move this to the General section. I got my self all mixed up with the button here.

Loren Schweizer · 05-08-2009, 08:27 AM

The brand was not all that well received in the U.S.

steveg · 05-08-2009, 08:32 AM

This is the Riveria that was trying to break into the sportfish market the last few years?...............if so I thought they were making a little headway! Guess that isn't enough in these times.

TK-F430 · 05-08-2009, 03:23 PM

Sad to see any company shutdown.

elsupremo · 05-10-2009, 12:30 PM

I wonder if it's going to affect Maritimo at all? I got the feeling they have an intimate relationship, although I believe they are separate entities.

VikHatBer · 05-10-2009, 08:56 PM

Riviera is like the Sea Ray of the Sportfish world. Shoddy wiring, light weight construction, and built on the other side of the world; those are not redeeming factors. Management tried saving themselves a couple years ago by offering 'fractional' yacht ownership on new construction boats. That should have spelled doom.

I looked into this situation on the web and it sounds like Aussies are really sad about this.

http://www.goldcoast.com.au/article/...top-story.html

http://en.wikipedia.org/wiki/Riviera_(company)

JeffSheu · 05-10-2009, 10:01 PM

Some news are as follows:

Debt sinks Riviera
http://www.goldcoast.com.au/article/...-business.html

Receivers seize Riviera for '$300 million debt'
http://www.news.com.au/couriermail/s...rom=public_rss

Rivera in confirms voluntary receivership
http://www.theaustralian.news.com.au...rom=public_rss

So sad to know that...

84far · 05-11-2009, 05:54 AM

hi VikHatBer

im a aussie and to tell u the truth im not that upset. sure its bad when such a large company goes under and so many people loose there jobs. but on the other hand i will no longer have to read/look at Rivieras being such a great SF boat... the articales about these boats down under are so bias its not funny. they give them such a great rap for there ocean abilities, etc, and im only starting to see the palm beach style helm now.... so with these boats out of the way hopefully ill start to see more Cabo, Viking, Custom SF, etc coming in to this country... and until we get a proper production SF boat builder.

i think the only reason why Riviera boats are so popular is great marketing in Aus, and Aus is so far from the real boats (USA), we just dont know that anything else exist. eg, i struggle to find a shop that sells Marlin Mag so i can see and read about the latest. i know of one marritt in Qld/Aus and thats about it for customs SF...

harsh post, im not trying to piss people off, but had to be said.

far

GFC · 05-12-2009, 09:18 PM

Geesh 84, y'all don't have any personal feelings about Riveria now, do you?

I was just fixing some popcorn, figuring this was gonna take right off but I guess what you had to say just shut everybody up.

wildkactus · 05-12-2009, 10:21 PM

Quote:

Originally Posted by elsupremo

I wonder if it's going to affect Maritimo at all? I got the feeling they have an intimate relationship, although I believe they are separate entities.

It does not effect Maritimo, as maritimo is a complettly seperate company setup by the founder of Riviera (Bill Barry-Cotter) after a management buyout in 2002. (Maritimo setup about 2003)
I have heard from a few people that he is looking to take Riv back over
This articale say similar.http://www.goldcoast.com.au/article/...-business.html

And i would have to agree with 84, that the rivs where marketed well down under but where just a cheap production boat, I had a 43 and it was just a cheaply Fitted out boat. it Did the job but nothing to write home about.
I also would not own another, after seeing what the rest of the world has to offer in this market.

Thanks

Wildkactus

wildkactus · 05-12-2009, 11:02 PM

Just got this in the inbox.

Riviera receiver: "Business as usual" as it prepares for Sanctuary Cove next week

By IBI Magazine

Riviera's receiver, Chris Campbell, said today that the company will operate on a "business as usual" basis. The receivers will investigate Riviera's financial affairs, and develop a restructuring plan over the next few weeks. Last Friday, Campbell and two other Deloitte partners, Vaughan Strawbridge and Richard Hughes, were announced as receivers and managers for Riviera.

Campbell said in a statement that his first priority was to "turn the supply chain back on," while also reassuring customers that Riviera is still "up and running."

Riviera currently employs about 550 workers. In January, it laid off 117 workers. Last year, it cut more than 300 workers as global demand for boats trended downward. Riviera exports boats to more than 30 countries.

Campbell said he has already received "expressions of interest" in buying the company, and that he would continue to "test the market" for interested buyers. "However, given the current economic climate it is likely that the best return to creditors is likely to come from a restructure and turnaround of the operations of the business rather than an immediate sale," he said.

Riviera will participate in next week's Sanctuary Cove International Boat show as its largest exhibitor. Campbell also seemed to want to calm the market by stating that warranties would be honored. "Customers should bear in mind that warranty is not only provided by Riviera and dealers but also is supported by the original equipment suppliers," he said. "In addition the dealer support network and mobile servicing remains available."

Campbell declined to say who the main creditors were and how much Riviera owes them and the workers. "It is too early in the appointment to provide this information," he said.

(12 May 2009)

Thanks

Wildkactus

dobsong · 05-12-2009, 11:34 PM

Quote:

Originally Posted by 84far

hi VikHatBer

im a aussie and to tell u the truth im not that upset. sure its bad when such a large company goes under and so many people loose there jobs. but on the other hand i will no longer have to read/look at Rivieras being such a great SF boat... the articales about these boats down under are so bias its not funny. they give them such a great rap for there ocean abilities, etc, and im only starting to see the palm beach style helm now.... so with these boats out of the way hopefully ill start to see more Cabo, Viking, Custom SF, etc coming in to this country... and until we get a proper production SF boat builder.

i think the only reason why Riviera boats are so popular is great marketing in Aus, and Aus is so far from the real boats (USA), we just dont know that anything else exist. eg, i struggle to find a shop that sells Marlin Mag so i can see and read about the latest. i know of one marritt in Qld/Aus and thats about it for customs SF...

harsh post, im not trying to piss people off, but had to be said.

far

Yep gota be a sad day for the employees and creditors but NOt for people who appreciate "real" boats!

Just because they float and go dosen't mean Riviera boats are good boats. To me they have always been inefficient tanks.

VikHatBer · 05-13-2009, 06:27 PM

Here we have two Aussies who are convinced that Riviera builds a bad boat. That says something...

Personally, I believe that any S/F or M/Y that isn't a battlewagon is a bad boat, although I do like the looks of 1980's Oceans and they're not battlewagons.

84far · 05-17-2009, 08:50 PM

hi GFC

in australia Rivieras and Maritimos are the pinnacle of boating and the target market they are going for would not know any better. try and explain fluid dynamics, sheer line, windows, flybridge lines, flare, entry, etc to a bloke whos boating background consist of sailing in boy scouts when he was ten.

at the end of the day i dislike the boats because they are punching above there grade. if they tell it how it is then fine go for it, but put a tower on it and say its a world leading SF...

far

Pascal · 05-18-2009, 01:48 PM

Quote:

Originally Posted by VikHatBer

Here we have two Aussies who are convinced that Riviera builds a bad boat. That says something...

Personally, I believe that any S/F or M/Y that isn't a battlewagon is a bad boat, although I do like the looks of 1980's Oceans and they're not battlewagons.

a smart buyer buys a boat which is adapted to his needs, not why some people think they need to buy... if you are not going to go far offshore in snotty weather, you may not need a "battlewagon"... if you're going to cruise inland or near shore, why would you need a heavier beafier boat?

time for a reality check.

while all builders are in rough waters right now, in a way it's surprising to read this news as riviera is becoming increasingly popular in South florida.