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.