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Fairline Boats Go Into Administration

Discussion in 'Fairline Yacht' started by Cruz, Dec 2, 2015.

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  1. Cruz

    Cruz Member

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    From YBW - Article

    Fairline Boats go into administration
    • 02.12.2015
    Luxury boat manufacturers Fairline, famous for their Targa and Squadron models, had recently announced a temporary layoff of almost a quarter of staff.

    Fairline Boats have gone into administration and Geoff Rowley and Alastair Massey of FRP Advisory LLP, the restructuring and business advisory firm, were appointed joint administrators to Fairline Boats Limited on 2nd December 2015.

    Luxury boat manufacturers Fairline were acquired by Wessex Bristol in September and recently announced that they had to layoff nearly a quarter of their staff temporarily.
    Prior to entering administration the company employed around 450 staff across its operations with the vast majority being divided between its Oundle and Corby factory sites in Northamptonshire.

    It is anticipated that there will be redundancies in the near term although the joint administrators will retain a core team of workers to help trade the business, service existing orders and liaise with customers, suppliers and boat dealers.

    A further update will be provided by the joint administrators at FRP Advisory once they have completed an urgent review of the company’s financial position in order to make a more detailed assessment of the company’s longer term viability in its present form, the business and ongoing staffing needs.

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    (I took as acceptable to post the above article and link having seen similar posts on YF)
    Last edited by a moderator: Dec 2, 2015
  2. olderboater

    olderboater Senior Member

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    I believe this was largely a planned maneuver. Better Capital bought them in 2011. Now this sale in September with filing in December. Wessex Bristol had to know what they were getting in to.

    I look at this sentence as a clue:
    "Better Capital has sold Fairline Boats to private equity investor Wessex Bristol for what has been described as “ a modest deferred consideration”.

    What their plans are I have no idea but it will all eventually come to light.