British luxury boat builder Fairline Yachts has entered administration just weeks after its acquisition by new investors.
Efforts are being made to secure a buyer for the more than 60-year-old business, which continues to trade from its base at Oundle in Northamptonshire.
No further redundancies are being planned at the company, which let go of more than 100 staff — a quarter its workforce — just a fortnight after its sale in early December to Arrowbolt Propulsion Systems, a “clean propulsion technology company” with links to Fletcher Boats owners the Ahmed family.
Under new chief executive Peter Hamlyn, plans had been to realign Fairline as a “sustainable marine brand”.
But administrators were called in on Monday (27 January) at the behest of main investor DF Capital.
It’s been rough sailing for Fairline Yachts since its sales peak of £130 million in 2007, with the global financial crisis in 2008 triggering years of changing ownership and changing fortunes.
International Boat Industry has more on the story HERE.
