Fairline Yachts Ltd in insolvency proceedings
FAIRLINE YACHTS Ltd of Oundle in insolvency proceedings after lender redraws funding, writes Kelvin Alexander-Duggan.
Employ about 250 people
Fairline Yachts employ about 250 people. The company which is based in Oundle on the Nene, has fallen into insolvency proceedings after DF Capital, the company's main lender, triggered the appointment of Alvarez & Marsal as administrators.
So far no redundancies have been triggered by the company insolvency.
The insolvency of Fairline Yachts Ltd is unexpected as the company was only sold a few weeks ago by Hanover Investors to Arrowbolt Propulsion Systems, who promote themselves at the forefront of innovation in electric propulsion technology
Michael Magnay, joint administrator to Fairline Yachts Limited, explained:
Continuing to trade
"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."