Fairline Boats was bought out of administration, the British equivalent of Chapter 11 bankruptcy protection, for an undisclosed sum.
The new company, Fairline Yachts, is funded by two long-term UK-based Russian investors. The company did not name them in a statement that was released today.
Both are said to be “highly experienced in managing and developing marine businesses and in the production of high-technology products, IT and media services. Both are also passionate boat owners,” according to the statement.
The newly formed company will operate from its manufacturing facilities in Oundle, Northamptonshire. To ensure the continuation of boat production, Fairline invited previous employees to apply for the 100 jobs that will be immediately available.
Russell Currie has been named managing director to lead the new business. With nearly 30 years of directly relevant experience, Currie has a background in the luxury motoryacht industry, the company said.
A Fairline dealer since 1998, Currie is CEO of Fairline North Mallorca, where he has achieved more than 90 million British pounds in sales.
Prior to his role at Fairline North Mallorca, he was engineering director at Sunseeker International’s factory team based at Mallorca and was the chief test engineer at Princess Yachts International before that.
“I am delighted to have been appointed managing director for Fairline Yachts,” Currie said in a statement. “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 motoryachts that boaters will want to own and dealers will want to sell.
“As a sign of our commitment to Fairline Yachts’ loyal customer base and dealer network we will be completing all orders for boats received by Fairline Boats, including those that have not yet started being built, as well as those that are already in production.”