Fairline Yachts has been put into the hands of administrators just weeks after the boatbuilder was sold to new investors.
Fairline Yachts, based in Oundle, UK, was sold by Hanover Investors to Arrowbolt Propulsion Systems, part of the Fletcher Marine Group, in December 2024.
At the time, around 150 workers were made redundant. It is believed the boatbuilder currently employs around 250 people with no further redundancies planned.
Arrowbolt Propulsion Systems, which has a London, UK, address was incorporated on December 3 2024 with Zeyaad Ahmed listed as director.
Peter Hamlyn, an experienced industry executive, was appointed as Fairline Yachts’ new chief executive in December 2024.
Administrators
It is understood that DF Capital, the company’s main lender, triggered the appointment of Alvarez & Marsal as administrators.
Michael Magnay, has been appointed as joint administrator to Fairline Yachts.
“The business is continuing to trade as usual,” he said in a statement provided to Sky News.
“We are thankful for the support and understanding of staff and there are no redundancies at this time.”
Alvarez & Marsal says it is actively pursuing a sale of the business and is confident of a ‘substantial’ amount of interest given the recognised brand and strong heritage.
Interested parties are being encouraged to contact Alvarez & Marsal.
A letter sent to creditors earlier in January and seen by Marine Business states that KSA Group Ltd has been appointed to review the company’s current financial position and assess an appropriate course of action for the company moving forward.
Late payment
“The directors acknowledge the company’s late payment of monies due to you,” stated the letter.
“The business is currently in detailed discussion with KSA regarding its financial position and possible restructuring of the business.”
The letter continued: “KSA is assisting the directors in preparing detailed proposals in respect of a company voluntary arrangement.”
Creditors have been asked if they hold credit insurance in respect of their liability and told that no further payments can be paid by the company during the assessment period.
Last autumn, Sunseeker was sold to international investors Lionheart Capital and Orienta Capital Partners.
In December 2024, Sunseeker announced it was temporarily laying off 91 workers. The affected staff returned to work on January 27 2025.
