Luxury yacht firm goes into administration

A luxury yacht manufacturer has entered administration less than two months after being acquired by new investors.

Administrator Alvarez & Marsal said Fairline Yachts, which was founded in 1967 and is based in Oundle, Northamptonshire, would continue to trade as normal, with no immediate redundancies.

In December, private equity firm Hanover Investors sold its stake in Fairline Yachts, with the company being acquired by Arrowbolt.

Following the takeover, more than 100 employees were made redundant.

Michael Magnay, joint administrator to Fairline Yachts, said: "The business is continuing to trade as usual.

"We are thankful for the support and understanding of staff and there are no redundancies at this time.

"We are actively pursuing a sale of the business and are confident of a substantial amount of interest given the recognised brand and strong heritage.

"We encourage interested parties to make contact with us."

The company's prototype and development teams are based nearby Corby, while its testing facility is based at Ipswich Marina in Suffolk.

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