British yacht builder, Fairline Boats has been bought out of administration by Russian investors.
After news of its administration was announced last month, following the business being marketed for sale, Fairline was purchased by two long-term Russian investors, based in the UK, and will continue trading as Fairline Yachts.
Having experienced a difficult few months, cutting over 350 of its 450 staff at facilities in Cornby and Oundle, Fairline has transitioned through five different CEO’s over the last few years. The yacht builder will now continue to operate at the same manufacturing facilities, and previous employees will be able to immediately reapply for more than 100 jobs.
Russell Currie has taken over as managing director at Fairline Yachts. He commented, “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 Yachts, including those that have not yet started being built as well as those that are already in production.”
For more information, visit Fairline Yachts.