As of the end of March, Yachting Monthly covered the announcement that Entrepreneur Richard Hadida had bought Oyster Yachts and all of its subsidiaries.
The new Oyster Yachts owner, Richard Hadida is a gaming software entrepreneur and is now forming a management team, led by Oyster stalwart Paul Adamson, who captained Eddie Jordan’s Oyster 885, LUSH in the Oyster World Rally in 2014. Kim Stubbs, who was responsible for turning around the fortunes of Sunseeker, has also been brought in.
‘It is going to be difficult, but with common sense and creativity we can turn this business around,’ stressed Hadida, who is the founder and creative directive of Evolution Gaming.
‘Oyster is the Bentley of the Sea, a great British brand, and it will remain so,’ he added.
Hadida, who regularly sails on LUSH, told Yachting Monthly he has used his own personal fortune to buy Oyster and all of its subsidiaries, including Oyster Palma and Oyster Newport in the USA.
His first priority will be on the 26 customers whose Oysters were in build when the company closed its doors.
The British luxury yacht builder stopped production in February with the loss of some 380 employees at its UK sites at Southampton and Wroxham in Norfolk after the Dutch private equity firm, HTP Investments, announced it would no longer continue to financially support the company.