Oyster Yachts Enter Administration
British boat builder OYSTER YACHTS announced that they have gone into administration after operations ceased today. Chief executive David Tydeman said 'We are in the process of entering administration, I can confirm that all staff have been made redundant, apart from a small team that we have kept on to work with the administrators'. He added that Oyster's events and brokerage businesses were likely to continue as a separate enterprise. KPMG confirmed 'No other companies within the group form part of this particular administration'.
In a statement on the company's website, David Tydeman added 'It is with sincere regret that we advise that the company has been unable to secure financial support to enable it to continue at this time and it is looking at all opportunities available. Further information will be issued as soon as we can'.
The news has come as a shock to many within the industry as Oyster recently reported its largest ever order book worth in excess of £80million. However, it is understood that Dutch majority shareholder HTP Investments BV withdrew its funding at the end of January.
Oyster employed more that 160 workers across two boat building facilities in Southampton and Norwich, as well as offices in Ipswich, Mallorca and Newport, Rhode Island.
The yard had planned to launch its new flagship series, the Oyster 118 this year, with a second hull to follow in 2020. Other recently announced projects include the 33 metre Project Alpha, a Reichel-Pugh design that was due to be built from carbon fibre, which would of been a first for the yard.