Luxury boat builder Fairline Boats has gone into administration.
A statement released by administrators FRP Advisory LLP said: “Geoff Rowley and Alastair Massey were appointed joint administrators to Fairline Boats Limited on December 2, 2015.
“Fairline specialises in the design, engineering, manufacture and distribution of luxury boats.
“The company operates from premises in Oundle and Corby, where it designs and manufacturers a range of luxury boats, and a testing location in Ipswich, Suffolk.
“Prior to entering administration the company employed about 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 38ft to 78ft, across 14 different models and are branded under the Targa and Squadron models.
“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.
“A further update will be provided by the joint administrators at FRP Advisory in reasonable time once they 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.”