As we can read in The Telegraph, Oyster Yachts has been bailed out of administration by gaming software entrepreneur Richard Hadida in a rescue which is hoped to save most of the company’s staff.
The Southampton-based builder of luxury sailing yachts ceased operations last month in a collapse caused by a combination of low margins and poor cost control.
KPMG was brought in as administrator to try to find a buyer for the business and Richard Hadida has sailed to rescue in a move expected to see as many as possible of the company’s 420 staff.
Richard Hadida, who made his fortune developing software group Evolution Gaming, said he “fell in love” with the yacht builder having sailed one its vessels but added that his investment in Oyster was “not merely a hobby”.
“I believe we must save great this British brand and nurture it for the long term, ” he said. “But it needs to be a sustainable business: hard, quick decisions need to be taken.”
Future plans for Oyster could include moving into the thriving market for smaller yachts, below its current smallest model, which measures 47ft in length.