Staff at Fairline Boats move out of Oundle head office and into factory

Fairline offices at Oundle. EMN-151127-121434009

Fairline offices at Oundle. EMN-151127-121434009

6
Have your say

Staff at struggling Oundle-based Fairline Boats have moved out of their head office in a cost-saving move.

Work to remove furniture from the plush head offices in the Nene Valley Business Park, at Oundle, has been going on for most of the week.

Fairline factory at Oundle.  EMN-151127-121538009

Fairline factory at Oundle. EMN-151127-121538009

The office staff are moving into the nearby factory where the company’s luxury boats have been built for 52 years.

Keith Steven, managing director of insolvency specialists KSA, which were appointed recently by the owners of Fairline to help turn around the ailing firm, said: “The staff have exited the property and have transferred into the factory.

“It is all part of efforts to reduce costs.”

The offices had been rented from Oundle-based PGR Construction.

It is all part of efforts to reduce costs.

Keith Steven, managing director

The move is the latest in a series of blows to hit the 465-strong workforce of the company, which also operates form Corby.

In October, the company was bought from Better Capital by equity firm Wessex Bristol, which announced the following day that 109 members of staff would be temporarily laid off.

The new bosses brought in KSA to help revive the firm’s fortunes and work is currently going on to secure a Company Voluntary Arrangement with Fairline’s creditors to agree terms to pay back an undisclosed amount of debt.

Mr Steven said it was likely that a “significant” number of redundancies would be announced early in December.

He said that the proposals for a CVA would be put to creditors early in the New Year.

If approved, the CVA will allow Fairline to restructure its debts.

Related:

Luxury yacht maker near Peterborough warns of “significant” job losses

Boat manufacturer at Peterborough enforces temporary layoff for some staff

New owner for luxury yacht maker at Peterborough

Back to the top of the page