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god save the queen

The Biz
Oyster Yachts has been bailed out of administration by gaming software entrepreneur Richard Hadida in a rescue which is hoped to save most of the company’s staff. The Southampton-based builder of luxury sailing yachts ceased operations last month in a collapse caused by a combination of low margins and poor cost control, along with an insurance claim relating to the capsize of one its its vessels in 2015.
KPMG was brought in as administrator to try to find a buyer for the business and Mr Hadida has sailed to rescue in a move expected to see as many as possible of the company’s 420 staff based in Hampshire and Norfolk re-employed.
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