After news was announced that British yacht builder, Fairline Boats had entered administration, it has been reported that an offer for a buyout has been provisionally accepted.
Upon announcing it had entered into administration in December 2015, Fairline Boats was marketed for sale, with the deadline for offers being 15th January.
Joint administrators to Fairline Boats, FRP Advisory LLP originally laid out plans to retain 69 of the company’s 450 staff, in order to “help trade the business, service existing orders and liaise with customers, suppliers and boat dealers, while engaging with interested parties as part of a process to market the business and assets for sale.”
There have been reports in the Northamptonshire Telegraph, that over 100 of the affected employees have signed up to a task force, set up to help those from Fairline’s factories in Corby and Oundle.
Having transitioned through five different CEO’s in the last few years, Fairline has been through a rather difficult time in recent years. Prior to entering administration, it had been sold by private equity firm Better Capital to Wessex Bristol, which owns Fletcher Boats.
Alastair Massey, joint administrator of FRP Advisory commented, “Fairline is a proud brand and has an array of loyal customers. The joint administrators would like, on behalf of Fairline, to thank all involved for their support during this process.”
For more information, visit Fairline Boats.