One of the largest manufacturers of luxury boats in Great Britain collapsed in the administration less than two months after its sale to new investors.
Sky News learned that Fairline Yachts, based in Ondle, in Northampothire, had fallen into insolvency proceedings after DF Capital, the main lender of the company, triggered the appointment of Alvarez & Marsal (A&M) as that administers.
A staff member said he was informed of the news by A&M on Monday morning.
Fairline Yachts is understood that to employ around 250 people, without dismissals launched by insolvency.
Money Dernited: Cost of European holidays
The collapse of Fairline Yachts is surprising because the company was sold until the beginning last month by Hanover Investors at Arrowbolt Propulsion Systems, which was described in an advertisement on the agreement as a “clean propulsion technology company” .
More details on this agreement were not clear, although the declaration in December said that Arrowbolt named Peter Hamlyn, an experienced industry manager, as a new managing director of Fairline Yachts.
In a statement planned in response to a Sky News investigation, Michael Magnay, joint administrator of Fairline Yachts Limited, “said:” The company continues to negotiate itself as usual.
“We are grateful for the support and understanding of staff and there is no layoff at the moment.
“We actively continue a sale of the company and are confident in a substantial amount of interest given the recognized brand and the strong inheritance.
“We encourage interested parties to contact us.”
Find out more Sky News:
Ryanair benefits almost 10 times higher
HOBBYCRAFT OWNER WH SMITH CIRCLES
The collapse of Fairline Yachts occurs almost two years after Rival Princess Yachts was sold to the investor KPS Capital Partners.
Last fall, Sunseeker, another major player in the sector, was sold to international investors Lionheart Capital and Orienta Capital Partners.