Fairline enters administration putting 250 jobs at risk
Motorboat & Yachting: One of the UK’s biggest boat builders, Fairline Boats has entered into administration according to FRP Advisory.
Fairline Boats has entered administration with FRP Advisory appointed as the firm’s administrators, it has been announced 2nd December.
The company employed roughly 450 staff at the beginning of the year, but around 180 staff were laid off when the Fairline was bought by Wessex Bristol back in September.
Fairline currently has facilities at Oundle and Corby in Northamptonshire and a testing location in Ipswich, Suffolk.
Redundancies are expected in the short term, but the administrators added that they will keep a core team of workers to service existing orders and liaise with dealers.
A statement from FRP Advisory adds: “A further update will be provided by the joint administrators at FRP Advisory in reasonable time once they have completed an urgent review of the company’s financial position in order to make a more detailed assessment of the company’s longer term viability.”
The news comes less than three months after the launch of the company’s latest model, the Fairline Targa 53GT, which was unveiled at this year’s Southampton Boat Show.
However, the company is believed to have been in financial trouble for some time, with local newspaper Peterborough Today reporting that the pension contributions of around 400 workers have not been paid for the past three months, despite being deducted from their wages.