Joint Administrators have this evening successfully secured a sale of the assets and business of Oyster Marine Limited, and the assets of Oyster Marine Holdings Limited – including its shareholdings in certain companies within the Oyster Group.
The sale was made to Richard Hadida Yachting Limited, and the deal secures continued employment of the retained staff operating out of the two sites in Southampton and Wroxham.
The joint administrators have been advised that yacht production will resume at both sites in the near future.
Neil Gostelow and Mark Orton from KPMG’s restructuring practice were appointed as Joint Administrators of the Group’s holding company, Oyster Marine Holdings Limited on 7 February and the primary trading company, Oyster Marine Limited on 20 February.
Initial offers for the business were invited with a deadline of 7 March 2018, with a deadline of 16 March 2018 for best and final offers.
Neil Gostelow, partner at KPMG and Joint Administrator, commented: “We are delighted to have a concluded a sale of the business, ensuring the recommencement of yacht production at the sites in Southampton and Wroxham, together with the opportunities for employment that this will bring.”
In a statement, David Tydeman commented “Congratulations to Richard Hadida with his take-over of Oyster Yachts, I’m sure he’ll do a great job taking Oyster through the next chapter of its successful history – thanks to all the team for the fantastic achievements of the last chapter/decade – we’re handing Richard a great range of 7 new models, a more cohesive and global brand identity than when we started and as summed up by Andrew Winch at the Dusseldorf Show, Oyster is the Explorer brand of yachting. I’m sure Richard will lead the next chapter with enthusiasm and care. I’ll look forward to a great Oyster regatta in Palma in September.”