Joint administrators appointed to Fairline Boats Ltd. are seeking to sell the business while keeping a core staff to serve current customers.
Geoff Rowley and Alastair Massey of FRP Advisory were named joint administrators for Fairline. The British luxury motoryacht manufacturer went into administration, the U.K. financial circumstance analogous to Chapter 11 bankruptcy protection in the United States, last week.
After a detailed assessment of the business and the company’s financial position, the administrators retained 69 staff to help trade the business, service existing orders and communicate with customers, suppliers and boat dealers while engaging with interested parties as part of the process of marketing the business and assets for sale, according to a statement.
The majority of the retained staff are at the company’s premises in Corby and Oundle, Northamptonshire, where it designs and manufactures a range of luxury boats; a handful of staff remain to continue operations at a testing location in Ipswich, Suffolk.
Before it entered administration, Fairline employed about 450 staff across its operations. The vast majority were divided between its Oundle and Corby factory sites.
FRP said the joint administrators continue to communicate with staff trade unions and their representatives and are assisting staff members who have been made redundant with the necessary support to submit timely claims to the Redundancy Payments Service.
Although work continues to service a number of orders across the business, the joint administrators remain focused on marketing the business for sale.