UK boatbuilder calls in FRP Advisory, the restructuring and insolvency services firm
UK powerboat builder Fairline Boats called in the administrators yesterday, just weeks after new owner Wessex Bristol Investments said that significant steps had been made to move the company back towards profitability.
Fairline, which has manufacturing facilities in Oundle and Corby in Northamptonshire, has called in the administrators at FRP Advisory, putting 450 jobs at risk.
According to Sky News, Fairline has not paid its pension contributions for three months – meaning it has effectively run out of cash.
“It is anticipated that there will be redundancies in the near term although the joint administrators will retain a core team of workers to help trade the business, service existing orders and liaise with customers, suppliers and boat dealers,” says FRP.
It added that a further update would be provided once the administrators had completed an urgent review “in order to make a more detailed assessment of the company’s longer term viability in its present form, the business and ongoing staffing needs”.
Source: IBI News