Administrators for Fairline Yachts Ltd say they have secured funding for the luxury boatbuilder to continue production of luxury yachts.
The funding has come from existing lender DF Capital and administrators from Alvarez & Marsal say monies will enable to business to also retain its 250 employees.
The boatbuilder was placed into admistration just weeks after being sold by Hanover Investors to Arrowbolt Propulsion Systems, part of the Fletcher Marine Group.
At the time it was understood that DF Capital, the company’s main lender, triggered the appointment of administrators.
A buyer is now being sought to take the brand forward with administrators encouraging interested parties to contact them.
“Fairline Yachts is an iconic brand with a committed and passionate team of experts who have established deep relationships with dealers and end customers over many years,” said Michael Magnay, joint administrator to Fairline Yachts.
Fairline Yachts is an iconic brand with a committed and passionate team of experts.
Michael Magnay
“The business is known throughout the world for the quality of its craftsmanship and the innovative design of its yachts,”
He added: “We expect that it could have broad appeal, to international investors as well as domestic.
“We encourage interested parties to make contact with us to discuss the opportunity to acquire this exciting business.”
Fairline was founded in 1967 and has four yacht ranges ranging from 33ft to 68ft models, which are sold globally both directly and via local dealerships.
Fairline’s team of boatbuilders are based across two sites in the UK, in Oundle, Northamptonshire, and Suffolk.
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.
Around 150 workers were made redundant in December 2024. It is understood no further redundancies are planned.
