UK builder Oyster Yachts is considering its options after failing to secure sufficient funding to continue trading
Late on February 7, Oyster Marine Holdings, the holding company of the UK’s Oyster Yachts brand, entered into administration working with KPMG Restructuring. This process is now underway with the objective to find a buyer as quickly as possible.
In a statement yesterday, KPMG said: Neil Gostelow and Mark Orton from KPMG Restructuring have been appointed joint administrators to Oyster Marine Holdings Limited, the holding company for the Oyster Yacht group of luxury boat builders.
Headquartered in Southampton, the company also trades from Wherstead in Suffolk. Its main trading business, Oyster Yachts, is currently considering its options after failing to secure sufficient funding to be able to continue to trade. No other companies within the group form part of this particular administration.
Oyster Marine Holdings owns the Intellectual Property to all of the technical drawings and moulds used in the production of the yachts in the Oyster range.
Yesterday, Oyster CEO David Tydeman told IBI that in total around 330 people in the UK and US have been laid off. Continue reading thanks to IBI News.