Fairline Yachts, a prominent British luxury boat manufacturer, has entered administration just two months after being acquired by new investors. The company's main lender, DF Capital, triggered the appointment of Alvarez & Marsal (A&M) as administrators after Fairline fell into insolvency. Despite the unexpected collapse, the company is continuing to operate, and there are no immediate redundancies planned. Administrators are actively searching for a buyer and remain confident in the brand's attractiveness to potential investors.
One of Britain’s biggest luxury boat manufacturers has collapsed into administration less than two months after it was sold to new investors. Sky News has learnt that Fairline Yachts, which is based in Oundle, Northamptonshire, had fallen into insolvency proceedings after DF Capital, the company's main lender, triggered the appointment of Alvarez & Marsal as administrators. One staff member said they had been briefed on the news by A&M on Monday morning.
Further details of that deal were unclear, although the statement in December said that Arrowbolt was appointing Peter Hamlyn, an experienced industry executive, as Fairline Yachts' new chief executive. In a statement provided in response to an enquiry from Sky News, Michael Magnay, joint administrator to Fairline Yachts Limited, said: 'The business is continuing to trade as usual. 'We are thankful for the support and understanding of staff and there are no redundancies at this time.
FAIRLINE YACHTS ADMINISTRATION INSOLVENCY LUXURY BOATS UK ECONOMY
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Belfast road lane closures as essential sewer works returnThe work will protect against collapses and reduce risk of out-of-sewer flooding
Read more »
Isle of Wight: Two badgers rescued from island cliff fallsDouble badger rescues after recent cliff collapses on the island's southern coast.
Read more »
At least 30 people injured at Spanish resort as chair lift collapses on ski slope...At least 30 people seriously injured at Spanish resort as chair lift collapses on ski slope
Read more »
A New Generation of Design: From Cars to Solar YachtsThis article explores the emerging trends in design and innovation, focusing on the democratization of manufacturing and its impact on various industries. It highlights the shift towards sustainable and efficient solutions, exemplified by electric vehicles, solar-powered boats, and smart home technology.
Read more »
Wellness Yachts and Jets: The Next Frontier in Luxury TravelTwo innovative design concepts showcase the growing influence of wellness on luxury travel, transforming yachts and private jets into havens of tranquility and well-being.
Read more »
BREAKING: Moment building collapses in dramatic footage with cordon in placeThe building in Ashley Road in Hale has been cordoned off
Read more »