Southampton-based boatbuilders, Oyster Yachts has announced this week that it has failed to secure financial support and are unable to continue to trade at this time.
Marine Industry News wrote on Tuesday 6 February 2018 that Oyster Yachts CEO, David Tydeman made an official statement covering that they were unable to continue to trade at this time and that they are looking at all opportunities available.
A letter, signed by Ben Collett on behalf of Oyster Marine Limited, was sent out on Monday to members of staff saying that the company “has been unable to secure financial support to enable it to continue to trade at this time and it is now facing entering into an insolvency procedure imminently. After considering all possible options, the company has concluded that there is a risk that it will be unable to continue to provide work for all its employees at all locations and that it is likely that it will have to make all of its employees redundant. The company has run out of cash and is unable to pay employees for work. The company has decided to close all operations today (and for the immediate future) to prevent or minimise all loss to employees and all other creditors.”
The British company has a boatyard in Hoveton, Norwich and offices in Ipswich, Majorca and the USA. The BBC announced that 160 staff at the Saxon Wharf base and ten from Fox's Marina are among those facing redundancy, but that the number could be as high as 400 job losses.
Unfortunately there have been some rough patches for the British Company. In October 2012 it was reported that falling sales forced Oyster Yachts to make redundancies, a reassessment of production and plans for a new model. It was confimed that 15 key job roles were being removed from across the company. You can read the full article here >
It was hoped that a move from their Ipswich base to Southampton would bring a return to their financial health.
A shock to the British marine industry, but Marine Industry News' Peter Nash has some thoughts on what could happen next for the company, read more here >