Following the purchase of Fairline Boats Limited last month by Wessex Bristol Investments, its new owners has said it has taken significant steps to move the company back towards profitability.
The company has announced it will be undergoing a workforce restructure, involving the business entering into a collective consultation period with staff. Fairline Boats said it needs to trim down operations to better reflect the marketplace environment and allow it to operate more efficiently.
This process, while expected to result in a significant number of redundancies, is an attempt to safeguard as many British jobs as possible, both at present and in the future. Fairline Boatshas procured the services of turnaround specialist, KSA, which is assisting in the development of a complete and robust recovery and restructuring plan for the business. This will involve the company proposing a
Company Voluntary Arrangement (CVA) which, if agreed by creditors, will allow it to restructure its debt and move forward with a sensible and manageable cost base.
Meanwhile KSA is advising debtors that no further payments for arrears of debt will be made until all the creditors have approved the CVA proposal. They request that any legal action is delayed until these proposals are ready within the next 28 to 42 days.
Wessex Bristol has said that once the restructuring has been concluded, it will turn its attention to implementing its long term growth strategy for Fairline.
It said it remains committed to the long term success of the company and will continue to develop the brand post reorganisation.
“We are in the business of building the best hand made, custom built British boats in the world and sincerely believe in our plans to ensure the long term success of Fairline Boats,” the company said in a recent statement.