UK-based Fairline Acquisitions Limited, a newly formed company funded by Russian investors Alexander Volov and Igor Glyanenko, said it has acquired Fairline Boats out of administration, the British equivalent of Chapter 11 bankruptcy protection. The price paid was approximately £4.5 million according to British media.
The company was renamed as Fairline Yachts, and will continue operating from its current manufacturing facilities in Oundle, Northamptonshire, under the management of Russel Currie, an industry veteran. Fairline’s new investors are experienced with managing and developing marine businesses and in the production of high technology products, IT and media services, said the company.
Before its failure, Fairline had about 450 staff and these workers are expected to be encouraged to apply for the remaining positions. In 2006 the company had been acquired by British private equity giant 3i, which subsequently sold it to Jon Moulton’s Better Capital and RBS in 2011. After a troubled few years in which the yard was headed by five different CEOs, Fairline Boats collapsed in December 2015, less than three months after Better Capital sold it to luxury brands private equity investor Wessex Bristol,
“I am delighted to have been appointed managing director for Fairline Yachts. 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,” said Currie, the company’s newly appointed managing director.
Currie has nearly 30 years of management experience in the luxury motor yacht industry. He is currently the CEO of Fairline North Mallorca, a Fairline dealer since 1998, where he has generated over £90 million in sales. He previously served as Sunseeker engineering director in Mallorca, and before that as chief test engineer at Princess Yachts.
Fairline is a global brand, soon to be celebrating its 50th anniversary. Started in 1963 by Jack Newington, the company builds motor yachts in both its original Oundle base as well as in Corby, Northamptonshire. The company specializes in the design, engineering, manufacture and distribution of luxury boats in the 38 ft to 80 ft range.