Arrowbolt Propulsion Systems Ltd has acquired a majority of shares in Fairline Yachts Ltd.
A notice has been posted on Companies House stating that Arrowbolt Propulsion Systems Ltd now holds 75% or more of the shares in Fairline Yachts.
Arrowbolt Propulsion Systems, which has a London, UK, address was incorporated on December 3 2024, with Zeyaad Ahmed listed as director.
A notice of ceasing to be a person with significant control has also been posted at Companies House regarding Fairline Yachts Holding Ltd.
Zeyaad Ahmed, son of former CEO Ayiaz Ahmed, is also listed as a director of Fletcher International Ltd and Fletcher Boats Ltd.
Ayiaz Ahmed was announced as CEO in September 2015 when Wessex Bristol announced its acquisition – said to be for a deferred £2m – of Fairline Boats Ltd from Better Capital PPC.
At the time, Better Capital said it put Fairline into administration to protect its interests as a senior creditor, after Wessex Bristol failed to inject promised funds into the boat maker that were essential for it to function as a going concern.
Arrowbolt is part of the Fletcher Marine Group.
Sustainable supply chain solution
Fletcher Boats, which was founded in 1960, returned in late 2023 after a short hiatus. The firm’s top priorities include creating a new generation of battery-powered sports boats with world-class designs.
The firm relocated to Somerset in the late 2010s with Zeyaad Ahmed appointed as director in November 2023.
Arrowbolt’s mission is to provide a sustainable supply chain solution.
The company designs and builds state of the art systems, with a focus is on performance boat propulsion systems for the pleasure boat segment for OEM and retrofit markets.
The company designs and engineers complete propulsion systems including battery systems, inboard and outboard electric motors, and dedicated software for control systems.
Redundancies
The company says it uses recycled and upcycled materials wherever possible in order to maintain as part of its commitment to sustainability.
The news of Arrowbolt’s acquisition comes as Fairline is believed to be making around 150 of its workers redundant. Notices are understood to have been sent to staff regarding the job losses.
Fairline Yachts Ltd made a £21.7 million loss for the year ended 31 December 2023, an increase on the £18.8 million loss made in 2022.
During 2024, the company received equity funding of £8.8 million and additional loans from the ultimate shareholder to cover its working capital needs.
Fairline Yachts was acquired by Hanover Investors in 2021.
Fairline has been approached for comment.
