Luxury yacht company hits financial turbulence
Neil Gostelow and Mark Orton, partners from KPMG restructuring have been appointed joint administrators to Oyster Marine Holdings Ltd, the holding company for the Oyster Yacht group of luxury boat builders, which has run out of funds
12 Feb 2018
Headquartered in Southampton, the company also trades from Wherstead in Suffolk and has two employees. The company’s main trading business, Oyster Yachts, is currently considering its options after failing to secure sufficient funding to be able to continue to trade. No other companies within the group form part of this particular administration.
Oyster Marine Holdings holds the Oyster Group’s interest in the intellectual property of the technical drawings and moulds used in the production of the yachts in the Oyster range.
Neil Gostelow, partner at KPMG and joint administrator, commented: ‘Late last week, the company directors confirmed that they had been unable to secure the financial support they needed to continue to trade the business. Our immediate priority will be to seek a buyer for the business and its assets and would encourage any interested parties to contact us as soon as possible.’
Meanwhile, the jobs of some 160 employees who build the boats at Oyster Yachts are potentially under threat, after Oyster CEO David Tydeman posted a notice on the company website stating: ‘It is with sincere regret we advise that the company has been unable to secure financial support to enable it to continue at this time and it is looking at all opportunities available. Further information will be issued as soon as we can.’
The company announced a record £80million-plus order book on 10 January 2018, but is believed to have lost the support of a key financial backer.
Report by Pat Sweet