INSOLVENCY outfit FRP Advisory has sold out of administration the assets of luxury boat builder Fairline.
The deal secures around 100 jobs and sees the new company Fairline Acquisitions Limited – backed by two UK-based Russians – and Russell Currie appointed as managing director.
Currie boasts around 30 years of relevant experience in the luxury motor yacht industry, having been a Fairline dealer since 1998, and CEO of Fairline North Mallorca, where he has amassed over £90m of sales.
It is expected that Fairline will continue to build its boats from its premises in Oundle, Northamptonshire.
FRP Advisory had been trading the company since their appointment on 2 December 2015, fulfilling existing orders, while marketing the business and assets for sale and negotiating with a number of interested parties. Prior to entering administration the business had operated from premises in Oundle and Corby, Northamptonshire, where it designed and manufactured a range of luxury boats, and a testing location in Ipswich, Suffolk.
Fairline Acquisitions will take responsibility for finishing and completing any outstanding boats orders and expects to resume production after completing an assessment of the range of boat models.
On appointment as administrators, FRP Advisory kept on 72 staff to help trade the business, service existing orders and liaise with customers, suppliers and boat dealers while engaging with interested parties as part of the process to market the business and assets for sale. Prior to entering administration the company employed 446 staff.
Alastair Massey of FRP Advisory and joint administrator, said: “The sale to Fairline Acquisitions offers the best possible outcome. We would like to thank a supportive customer and supplier base who, together with a loyal workforce, helped see the business through the administration process.”
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