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Fairline Yachts sold to investment group
British builder Fairline Yachts has been acquired by Hanover Investors for an undisclosed sum.
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Fairline Yachts confirms asset buyout and Russian owners
The Fairline brand looks set to continue after a new company Fairline Yachts bought the assets out of administration
Fairline Yachts is the new name for Fairline Boats after the assets of Oundle-based yard were bought out of administration.
The deal, which was confirmed today, includes backing from UK-based Russian investors Alexander Volov and Igor Glyanenko.
Despite being avid boaters, the new owners of the Fairline brand do not plan to run the firm on a day-to-day basis and have appointed Russell Currie as Managing Director.
Mr Currie (pictured below) has plenty of industry experience, having worked as engineering director at Sunseeker ’s Mallorca test facility, and chief test engineer at Princess Yachts before his most recent role as CEO of Fairline North Mallorca.
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The firm has also invited former workers to reapply for their jobs, with roughly 100 positions due to be filled at the Oundle factory.
Roughly 380 jobs were lost when Fairline Boats went into administration last month .
Administrators FRP Advisory described the asset buyout as “the best possible outcome” and thanked the loyal staff and supportive customer base and dealer network for helping to see the business through this tough time.
Fairline’s most recent launch was the Targa 53 (pictured above), which debuted at the 2015 Southampton Boat Show.
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Boatindustry.com
Owner changes for Fairline Yachts
The British shipyard Fairline Yachts is changing hands. The new owners announce an acceleration after the restructuring of the manufacturer of top-of-the-range motor yachts.
RiverRock takes over Fairline Yachts shipyard
The British builder of high-end motorboats Fairline Yachts comes under the control of an investment fund. RiverRock, which acquired a stake in August 2019, becomes the company's majority shareholder. The management team, led by Peter McNulty, remains in place.
Strengthening a pillar of British boating
Fairline Yachts, which was put under administration in 2015, was finally taken over in 2016 by two Russian investors, Alexander Volov and Igor Glyanenko. The latter remain in the capital, but indicate that they are refocusing on their core activities, which have been strongly impacted by the Covid crisis19 and recent oil price trends. "By taking a majority stake, RiverRock demonstrates its continued support and confidence in Fairline Yachts. This investment secures our financial future and ensures that we can continue to deliver on our long-term strategic plan for the brand," said Peter McNulty, Chief Operating Officer of Fairline Yachts.
Recent months have been marked by a restructuring of the Oundle-based yard and the announcement of 240 redundancies. The new owners feel that they have enabled the yard to achieve the right size to cope with the crisis linked to the Covid19 pandemic, while maintaining its place in the nautical industry. "The company has taken difficult decisions to adjust the business as a result of the extreme challenges linked to market conditions. This has better positioned the company and better aligned it with the strategic plan in terms of production and regional growth. This new investment by RiverRock gives us the capital and executive capacity to accomplish long-term growth plans," said McNulty.
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