Riviera begins process of finding a buyer

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The receivers for Riviera, Australia's largest boatbuilder, say they have started the "expressions of interest" process for parties interested in acquiring the assets and business of the Riviera Group.

"To date, we have received a significant level of enquiry regarding Riviera from both local and overseas parties," Deloitte partner Chris Campbell said in a statement. Deloitte was appointed as receivers in May.

"We are also seeking expressions from parties who may be interested in acquiring the assets and business, providing new equity and/or effecting a financial restructure of Riviera," he added. "A detailed Information Memorandum on the business opportunity has been prepared and the process being run is subject to interested parties executing a confidentiality agreement."

Riviera said it enjoyed considerable sales success in the weeks following the Sydney International Boat Show that concluded earlier this month. During the five days of the show, the company reported the sale of eight new luxury boats across its Flybridge, Sport Yacht and Offshore Express ranges.

In the three weeks immediately following the Sydney Boat Show, Riviera contracted another seven boats and expects to more than double the Sydney Boat Show sales for the month of August for the Australia/New Zealand region.

"These strong results were the rewards of continued investment in new model development and current model innovation driven by listening closely to our owner's feedback and future needs," Riviera CEO John Anderson said in a statement.

"The current level of sales activity and enquiry is certainly a clear indication to us that the Riviera brand and product remain the choice for Australian boating enthusiasts," he added.

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