ROBBREPORT.COM 171
The Business
How to Save a
Sinking Luxury Boat Builder
TECH ENTREPRENEUR AND AVID SAILOR RICHARD HADIDA
CAME TO THE RESCUE WHEN OYSTER YACHTS RAN AGROUND IN 2018
AND IS REBUILDING IT WITH A BUSINESSMAN’S SAVVY EYE.By Danielle CutlerJ
ust 18 months after taking the helm of a
flailing sailing-yacht company, its new owner
has not only met every benchmark toward
getting it back in the black; he’s launched the first of a
whole new line of boats in the brand’s portfolio. The
new 565 range, plus increased annual production and
two new classes of yacht, should help to fully right
the ship, says rescuer-in-chief Richard Hadida. In
the past, Oyster Yachts built a mere 15 boats a year,
and Hadida, who made his fortune in casino gaming
software, is betting on bringing that number up toabout 25. “The business will be very healthy if that
happens,” he says.
Though his three-year turnaround plan is on track,
the details got more complicated than anticipated.
For example, Oyster used to buy hulls from another
company that also went under, so he bought that
business as well. Bringing the hull construction
in-house required a big investment of capital, but it also
means the company will have the capacity to increase
production. His plan to steer the company out of the
red involves a two-pronged approach: Build the boatsIllustration by STEVE SCOTTG2G_Oct_BIZ_OysterYachts.indd 171 8/30/19 3:54 PMROBBREPORT.COM 171
The Business
How to Save a
Sinking Luxury Boat Builder
TECH ENTREPRENEUR AND AVID SAILOR RICHARD HADIDA
CAME TO THE RESCUE WHEN OYSTER YACHTS RAN AGROUND IN 2018
AND IS REBUILDING IT WITH A BUSINESSMAN’S SAVVY EYE.By Danielle CutlerJ
ust 18 months after taking the helm of a
flailing sailing-yacht company, its new owner
has not only met every benchmark toward
getting it back in the black; he’s launched the first of a
whole new line of boats in the brand’s portfolio. The
new 565 range, plus increased annual production and
two new classes of yacht, should help to fully right
the ship, says rescuer-in-chief Richard Hadida. In
the past, Oyster Yachts built a mere 15 boats a year,
and Hadida, who made his fortune in casino gaming
software, is betting on bringing that number up to
about 25. “The business will be very healthy if that
happens,” he says.
Though his three-year turnaround plan is on track,
the details got more complicated than anticipated.
For example, Oyster used to buy hulls from another
company that also went under, so he bought that
business as well. Bringing the hull construction
in-house required a big investment of capital, but it also
means the company will have the capacity to increase
production. His plan to steer the company out of the
red involves a two-pronged approach: Build the boatsIllustration by STEVE SCOTT