A deal has been struck that has seen the assets of Oundle-based Fairline Boats bought out of administration for an undisclosed sum.
The firm, which has bases in Oundle and Corby, went into administration in December, threatening the future of 450 jobs.
The new company, Fairline Yachts, is funded by two long-term UK-based Russian investors, who are said to be both highly experienced in managing and developing marine businesses and in the production of high technology products, IT and media services. Both are also said to be passionate boat owners.
Russell Currie has been appointed as managing director to lead the new business.
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With nearly 30 years of directly relevant experience, Mr Currie has a very strong background in the luxury motor yacht industry.
A Fairline dealer since 1998, Mr Currie is CEO of Fairline North Mallorca, where he has achieved more than £90m of sales.
Prior to his role at Fairline North Mallorca, he was engineering director at Sunseeker International’s factory team in Mallorca, and was chief test engineer at Princess Yachts International before that.
His appointment ensures continuity of senior management at Fairline Yachts and safeguards close customer and boat dealer relations under the new ownership structure.
Mr Currie said: “I am delighted to have been appointed managing director for Fairline Yachts.
“With the resources of the investors, coupled with the expert knowledge of the management team and our energy and passion for the brand, the structure is in place for a great future for Fairline Yachts.
“We will focus on creating high quality luxury motor yachts that boaters will want to own and dealers will want to sell.
“As a sign of our commitment to Fairline Yachts’ loyal customer base and dealer network, we will be completing all orders for boats received by Fairline Boats, including those that have not yet started being built as well as those that are already in production.”
The newly formed company will operate from its manufacturing facilities in Oundle.
To ensure continuation of production of the boats, the company has invited previous employees to apply for the 100 or so jobs that will be immediately available.
Joint administrator Alastair Massey of FRP Advisory said: “The sale to Fairline Acquisitions offers the best possible outcome.
“We would like to thank a supportive customer and supplier base who, together with a loyal workforce, helped see the business through the administration process.”