Motorboat & Yachting: Around 360 workers at Fairline have been made redundant, with the remaining staff kept on to complete the last few production boats.
The remaining 69 staff will be kept on to complete the final boats on the production line and their jobs will also be at risk if a buyer cannot be found for the historic British yard.
In a statement, joint administrator Alastair Massey said: “Our focus has been on liaising with staff, customers, suppliers and agents to ensure value can be realised from servicing existing orders whilst we explore options for the business.
“We shall be retaining a core team of staff to help service orders and continue operations where possible.”
He added that the brand is currently being “marketed for sale”, although no investors have publicly declared their interest so far.
At least three unfinished models are believed to be in progress, including a Fairline Squadron 65, which was bought through an Escrow account.
When the skeleton staff completes these models, the administrators will be able to access a significant sum of money to pay off Fairline’s creditors.
Motorboat & Yachting: Fairline’s principal dealer Bates Wharf has hinted at a possible future for the company, which is currently under administration.
Richard Bates, director of Bates Wharf, told MBY: “Wednesday’s news came as a surprise to all of us, mainly because only two weeks before, all the dealers were invited to a presentation by Wessex Bristol at the factory where they unveiled a very detailed plan for the future of Fairline.”
He added that Wessex Bristol had planned to launch three new models in the 35-60ft market, backed by ring-fenced Middle Eastern investment.
The new models would be built in the Nene Valley plant, following the closure of Fairline’s facilities at Oundle.
Hopes now rest on administrators FRP Advisory selling the firm as a going concern, rather than breaking it up to pay off the company’s debts.
“I believe that because of the all the above study work they have a realistic chance of finding and attracting a buyer quickly,” Richard added.
One of the things that might persuade a new investor to snap up Fairline is their strong dealer network, with a backlog of more than 25 orders in the pipeline.
“On retail sales, Bates Wharf is heading for a record year with all brands since Southampton,” Richard continued. “We are down to minimal stock so we have a big potential order bank.”
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.
Motorboat & Yachting: Gibbs Boat Sales has struck a deal with Monterey Boats to bring the American brand back to Britian as sole UK distributor.
Monterey Boats will be returning to Britain, after Gibbs Boat Sales was named as sole UK distributor for the American sportsboat brand.
The partnership will be officially announced next month at the London Boat Show 2016 (8-17 January) with five Monterey models due to go on display at the Excel Centre.
These will range from the two-berth Monterey 224 FSC to the four-berth Monterey 295 Sport Yacht, which is available with a maximum engine set-up of 430hp.
Don Bissessar, Managing Director of Gibbs Boat Sales, said: “We are very delighted with this agreement.
“We will now be able to offer our customers and loyal Monterey users the full range of boats from sport boats and bow riders to cruisers and sport yachts.”
Based in Poole, Gibbs Boat Sales also represents Cobalt, Grandezza and Regal Boats, and will be bringing a total fleet of 14 boats to the London Boat Show.
Motorboat & Yachting: A leaked image appears to show the new Princess 75, which could be getting a public launch at the London Boat Show.
Back in September, when Princess Yachts revealed the renderings of its next two models – the Princess 75 and the Princess 49 – the smart money seemed to be on the smaller of the two models getting launched first.
However, it now seems that it is the Princess 75 that will be ready in time for the London Boat Show, after this behind-the-scenes picture was leaked.
A source close to Princess told MBY: “They’re planning to do a surprise launch at the Excel Centre, with the Princess 75 taking the place of the 88 MY.”
The news comes less than a week after Princess Motor Yacht Sales released a full-line-up of 11 boats due to make the journey up from Plymouth to London, with the Princess 88 as the star attraction.
There was no mention of either the Princess 49 or the Princess 75, much to the consternation of Princess Yachts fans hoping for a brand new model to view.
But if this leaked picture is to be believed, then it seems like the Princess team had a rather large trick up their sleeve all along.
Early details indicate that the Princess 75 will be fitted with a choice of three engines, the most powerful of which being a twin MAN V12 1800 set-up, capable of a top speed of 36 knots.
Yachting Boating World: Being the victim of boat theft is a nasty experience so we’ve got our top 10 tips on how to keep both your vessel and your belongings safe.
Whether big or small, marine crime has a big impact on its victims and can generate fear among boating communities. The first step to tackling the problem is ensuring that you’ve done everything you can to protect yourself from boat theft.
The following tips should help you to have peace of mind that you’ve left your boat and its belongings as secure as they can be.
1. Never leave anything valuable on display, this includes items lose in the cockpit or on deck such as rope and fenders.
2. If you can, take any valuables off the boat with you, or make sure you lock them away and keep the curtains drawn when the boat is empty so thieves can’t see inside. If you’re unable to take some items with you, ensure you mark them and photographs of the item.
3. Stickers stating that all valuables have been removed from the boat is also another good deterrent.
4. Make sure you use strong padlocks to secure any cupboards. Fit good strong locks and hinges where possible and invest in an alarm if one can be placed on the vessel.
5. Keep your life raft and engine secure as these are some of the most valuable items on your boat. You can get locks specifically designed for outboard engines that hold up against strong attempts at removal.
6. If you need to step away from the ignition, always take the key with you.
7. Keep a list of all the serial numbers on valuables like your radio, navigation equipment or outboard engine. In the event that your boat is broken into, you’ll have copies to pass the police, making it easier for them to trace stolen items back to you. It’s also worth making a note of any scratches or marks your equipment has, as it could help identify it in the event it is stolen.
8. Mark everything you buy for your boat with your postcode and contact details.
9. Keep your boat keys separate to your engine keys, so should either of them be stolen, a thief won’t have access to both.
10. Make sure you’re part of the Boatmark scheme, which will see your boat given an electronic tag, programmed with a unique 14-character Hull Identification Number.
If you’re concerned about theft in your area, consider setting up a watch with your local sailing club or motor group so that vessels are checked over regularly. Frequent patrols should also help deter thieves from targeting you in the first place.
Those who do become victims of marine crime are encouraged to contact their local police force on 101. In the event that anything is stolen from your boat, it’s worth checking sites such as eBay and Gumtree in case whoever stole your property attempts to sell it on. You should contact the police if you recognise any items being sold online that you believe to be yours.
Motorboat & Yachting: The number of superyachts available for charter in Spanish waters has risen significantly over the past two years, according to a new report.
The Spanish Government’s decision to drop matriculation tax has given a massive helping hand to the local superyacht charter market, according to figures recently released by the Spanish boating association AEGY.
In its 2015 report, AEGY reveals that there are now 86 yachts over 20m that are currently available for charter in the Balearics, compared with just 29 in 2013, before the matriculation tax laws changed.
As a result, the Balearic superyacht charter market is now worth €12.5m (£8.8m) a year to the Spanish economy in terms of taxes and local spending.
Back in 2012, matriculation taxes were bringing in just €4m for the whole of Spain, so AEGY argues that the decision to drop this levy on superyacht charters was the right one.
Diego Colon, president of the AEGY, said: “We recognise that there is still work to do to ensure that the bureaucratic and fiscal procedures related to chartering and operating superyachts in Spain are simplified and streamlined.
“However we are confident that these statistics will strengthen and support our lobbying initiatives.” He added that six of the eight major international brokerage companies now have offices on Mallorca.
The AEGY report also estimates that there are 600 superyachts (over 24m) currently available for charter in the Mediterranean, and predicts the total for Spain is likely to hit triple figures by the time the 2016 superyacht charter season rolls around.
Motorboat & Yachting: Grammy award winning singer Billy Joel has turned his hand to yacht design once again with the 57ft Vendetta.
Billy Joel has teamed up with Zurn Yacht Design to create a new 57ft motorboat, which was unveiled at the Fort Lauderdale International Boat Show earlier this month.
Vendetta is a 57ft commuter yacht, which the Grammy award-winning singer designed to get him from his Long Island estate to the centre of New York City.
A modified V-hull and twin 1,300hp MAN diesel engines mean it is capable of an impressive top speed of 47 knots, despite weighing in at more than 18 tonnes.
Key features include seating space for six in the 1920s-style saloon and an open layout below decks, which includes a galley, settee and heads compartment up in the bows.
Billy Joel has a strong track record with designing motor yachts – his previous launch, a 38ft Zurn runabout, has been reproduced more than 50 times in the past ten years.
Motorboat & Yachting: The German boatbuilder has revealed details of the Bavaria Project DA10 ahead of its planned Spring 2016 launch.
Bavaria Yachtbau has released detailed renderings of its upcoming new arrival, which is being developed under the codename Project DA10 and features a number of bold new ideas.
For this 40ft semi-displacement design, Bavaria has teamed up with Netherlands design firm Vripack and the Dutch influence is clear to see.
Project DA10 will feature single-level walkaround side decks and a saloon that is almost entirely encircled by glass.
Both flybridge and sedan versions will be available with a lower helm that is situated in the centre of the boat, towards the rear of the saloon.
Below decks, owners will have a choice of a two or three-cabin layout, with the former boasting a full-beam master suite and VIP forecabin.
However, those who want to maximise their capacity can opt to have two crawl-in double berths in the rear, as well as a V-shaped twin cabin in the bows.
Out in the cockpit, the DA10 will feature a large wrap of outdoor seating and a staircase that folds out of the transom moulding.
Engine options are by Volvo Penta, ranging from 75hp to 300hp, and Bavaria explains that Project DA10 has been “designed not for speeding, but on economical cruising, safety, comfort and a travelling in harmony with nature”.
Further details and an official model name for Project DA10 are due to be announced in January at the 2016 Boot Dusseldorf exhibition, ahead of its planned Spring 2016 launch.
Motorboat & Yachting: Worldwide used boat sales have risen by 2.6% in value over the past nine months, according to the latest report from YachtWorld.
The used boat market is growing, according to the latest YachtWorld Market Index report, which shows a 2.6% year-on-year rise in the total value of used boat sales over the past nine months.
What’s more, the report also shows an increase in the total number of used boats sold, which is up by 7.8% for Q1-Q3 2015 to 30,450 models changing hands.
Breaking down the figures, the US used boat market saw a 4.7% rise by value, whereas in Europe the increase was just under 2.3%.
Looking at the specific motorboat brands, Jeanneau was the most popular, with 93 models changing hands on YachtWorld in the past nine months, ahead of Fairline and Sealine who were tied on 85 each.
All of the key British brands fared well overall – the 55 Princess Yachts sold were worth the most, with a combined total of €11.58m in value, while Sunseeker fetched the highest average price of €864,986.
Jeanneau models were found to change hands the quickest of the top brands, with an average time to sale of 241 days, which is well below the overall average of 326.
John Burnham, managing editor of YachtWorld, said of the report: “Small but steady gains were the norm in the yacht brokerage market in the US and Europe.
“Superyacht sales drove higher total market spending in Europe, but across the Atlantic it was 36-79ft boats pushing the total value higher.”