Fairline Yachts has recently been placed under the control of administrators shortly after being acquired by new investors.
The UK-based Fairline Yachts, located in Oundle, was purchased by Arrowbolt Propulsion Systems, a part of the Fletcher Marine Group, in December 2024, following the sale by Hanover Investors.
Upon the acquisition, about 150 employees were let go, leaving the boatbuilder with approximately 250 staff members, with no additional job cuts anticipated.
Arrowbolt Propulsion Systems, situated in London, UK, was established on December 3, 2024, with Zeyaad Ahmed serving as the director of the company.
In December 2024, Peter Hamlyn, a seasoned industry executive, was appointed as the new chief executive of Fairline Yachts.
Administrators
DF Capital, the primary lender of the company, initiated the appointment of Alvarez & Marsal as administrators for Fairline Yachts.
Michael Magnay has been named as one of the joint administrators overseeing the operations of Fairline Yachts.
In a statement provided to Sky News, Magnay mentioned, “The business is operating normally, and we appreciate the support and cooperation of the staff. There are currently no layoffs planned.”
Alvarez & Marsal is actively seeking a buyer for the business and expresses confidence in attracting significant interest due to the company's strong brand and heritage.
Parties interested in the acquisition are encouraged to get in touch with Alvarez & Marsal for further details.
A letter addressed to creditors in January, reviewed by Marine Business, reveals that KSA Group Ltd has been tasked with evaluating Fairline Yachts' financial status and proposing a viable strategy for the company going forward.
Late payment
The letter acknowledged, “The company recognizes the delayed payments owed to you,” and indicated ongoing discussions with KSA regarding financial matters and potential business restructuring.
KSA is supporting the directors in formulating comprehensive proposals for a company voluntary arrangement.
Creditors were queried about holding credit insurance for their liabilities and informed that no further payments can be processed during the assessment phase.
In a separate development last autumn, Sunseeker was acquired by international investors Lionheart Capital and Orienta Capital Partners.
In December 2024, Sunseeker announced a temporary layoff of 91 employees. These affected workers resumed their duties on January 27, 2025.
Practice
Products Review
Best
Yachts Review
How To
Wiki
Company
