HEADLINES International Marine News
DECEMBER 2015 | International Boat IndustryFairline placed
in administration
The joint
administrators
will retain a
core team of workers to
help trade the business
and service
existing orders
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1 UK BRITISH
MOTORYACHT BUILDER
Fairline Boats has been placed
in administration just weeks
after new owner Wessex
Bristol Investments said that
significant steps had been
made to move the company
back towards profitability.
Fairline, which has
manufacturing facilities
in Oundle and Corby in
Northamptonshire, has
called in FRP Advisory, a
restructuring and insolvency
services firm, putting 450
jobs at risk. It is understood
that Fairline has not paid its
pension contributions for
three months – meaning it has
effectively run out of cash.“It is anticipated that there
will be redundancies in the
near term although the joint
administrators will retain a
core team of workers to help
trade the business, service
existing orders
and liaise with
customers,
suppliers and
boat dealers,”
says FRP.
It added
that a further
update would
be provided
once the administrators
had completed an urgent
review “in order to make a
more detailed assessment of
the company’s longer termviability in its present form,
the business and ongoing
staffing needs”.
Fairline was jointly acquired
by Better Capital’s 2009
Fund and West Register
Investments
Limited in July
2011, before
being sold to
Wessex Bristol
Investments
in September- Wessex
Bristol is a
Somerset-
based investment firm that
owns and operates a small
portfolio of exclusive brands,
including UK sportsboat
manufacturer Fletcher Boats.
Princess fraud trial
UK A FORMER
PRINCESS YACHTS
manager has denied accepting
bribes in return for awarded
work at the UK boatbuilder’s
Plymouth facility. FormerSPROJECT DA10 FlybridgeNEW BAVARIA YACHT CONCEPT
GERMANY Bavaria Yachts has completed the first
drawings of its new motorboat concept announced
in early September. The first prototype in PROJECT
DA10, a 40ft
semi-displacement
motoryacht, will
set sail in spring- There will be a
Sedan and Flybridge
version, designed
in cooperation
with Vripack.
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DOMETIC IPO
SWEDEN The Dometic Group has been
valued at SEK14.2bn after the company’s
shares began trading on the Stockholm
Nasdaq at SEK48 per share. The
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public in November.- IBI-plus.com November 25
ADMIRAL EXPANDS
POLAND Admiral Boats has signed a
contract to deliver its Ocean Master and
Classic sportsboats to Turkey’s Gozdem
Marin Elektrik under a three-year deal
worth ¤6m.- IBI-plus.com November 30
facilities manager Glyn
Thompson has denied any
wrongdoing in the fraud trial
against him and his deputy,
Roger Truen. Prosecutors
allege that Thompson andTruen “milked” more than £1m
from Princess over three years.
Thompson denies the joint
charge of conspiracy to defraud
Princess with Truen and has
pleaded not guilty to a different
charge of defrauding Princess
through Elite Facilities Solutions.