A Northamptonshire luxury boat maker has fallen into administration, only weeks after gaining new ownership.
Oundle-based Fairline Yachts, which was founded in 1967, has entered into insolvency proceedings after its main lender, DF Capital, triggered the appointment of administrators Alvarez & Marsal (A&M), according to reports from Sky News.
It comes after Hanover Investors sold its interest in Fairline Yachts to Arrowbolt Propulsion Systems, the clean propulsion technology company.
At the time Arrowbolt appointed experienced industry executive Peter Hamlyn as CEO of Fairline, who said: “We look forward to aligning the business with our long-term vision to be a clean and sustainable marine brand.
“However, to be clear, the industry faces a number of economic and market challenges, and we will be assessing the current business before making any strategic long-term investment decisions.”
Michael Magnay, joint administrator to Fairline Yachts Limited, told Sky News the business is continuing to trade as usual, with no redundancies at this time. A sale of the business is being pursued.
