Fairline Boats, which had seemed to be on the verge of disappearing just a few weeks ago, has been saved following the intervention by two Russian investors.
A new company, Fairline Acquisitions, funded by two UK based Russian investors with a background in the marine sector, is to take on the failed company’s order book and initially plans to recruit around 100 of the 380 staff who were made redundant before Christmas following the collapse. The new company plans to trade as Fairline Yachts.
The new business will be run by Russell Currie. He has been a Fairline dealer for the past 18 years.
Russell Currie said: “I am delighted to have been appointed managing director for Fairline Yachts. With the resources of the investors, coupled with the expert knowledge of the management team and our energy and passion for the brand, the structure is in place for a great future for Fairline Yachts.
“We will focus on creating high quality luxury motor yachts that boaters will want to own and dealers will want to sell,” he added.
Fairline Acquisitions will take responsibility for finishing and completing any outstanding boats orders and expects to resume production after completing an assessment of the range of boat models.
At this stage, not much is known about the Russian buyers, though they are thought to be Alexander Volov and Igor Glyanenko, who are both listed as shareholders in Fairline Acquisitions.
There are no plans to move Fairline Yachts from its current locations and the new firm will operate from Oundle, Northamptonshire, where its manufacturing facilities are situated.