Struggling boat maker Fairline Boats has been put into administration.
Representatives of the restructuring firm FRP Advisory LLP were appointed yesterday as joint administrators to the company, which has 450 staff at Oundle and Corby.
A spokesman for FRP said: “It is anticipated that there will be redundancies in the near term although we will retain a core team of workers to help trade the business, service existing orders and liaise with customers, suppliers and boat dealers.
“A further update will be given once we have completed an urgent review of the company’s financial position in order to make a more detailed assessment of the Company’s longer term viability in its present form, the business and ongoing staffing needs.”
Geoff Rowley and Alastair Massey of FRP Advisory are the joint administrators appointed to
The move comes after a stormy two months for Fairline after it was sold to equity firm Wessex Bristol.
It is anticipated that there will be redundancies in the near term.FRP Advisory spokesman
It immediately laid off 109 staff for a temporary period but warned of significant job losses to come.
Officials of union Unite also claimed pension contributions had not been paid and some works had been without pay for 10 weeks.
Fairline had even appointed insolvency specialists to try and put together a Company Voluntary Arrangement to be agreed by creditors to help pay off its debt.
Fairline specialises in the design, engineering, manufacture and distribution of luxury boats.
The company operates from premises in Oundle and Corby, Northamptonshire, where it designs and manufacturers a range of luxury boats, and a testing location in Ipswich, Suffolk.
Prior to entering administration the company employed around 450 staff across its operations with the vast majority being divided between its Oundle and Corby factory sites.
Fairline’s boats range in length from 38 feet to 78 feet, across 14 different models and are branded under the Targa and Squadron models.