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Fairline Bought Out Of Administration

by Jason Gorringe, Tax-News.com, London

29 February 2016


British shipyard Fairline, which had entered administration, was bought out for an undisclosed sum, securing its future.

A new company, Fairline Yachts, has been established, with the capital provided by two Russian investors who have long been based in the UK. Both are said to have experience managing and developing marine sector businesses and are passionate boat owners.

Russell Currie has been appointed as Managing Director to lead the new business. With nearly 30 years' experience, Russell has a very strong background in the luxury motor yacht industry. A Fairline dealer since 1998, Russell is CEO of Fairline North Mallorca. Prior to his role at Fairline North Mallorca, Russell was Engineering Director at Sunseeker Internationals factory team based at Mallorca, and was Chief Test Engineer at Princess Yachts International before that. Fairline stated that the appointment of Russell ensures continuity of senior management at Fairline Yachts.

Russell said: "I am delighted to have been appointed Managing Director for Fairline Yachts. With the resources of the investors, coupled with the expert knowledge of the management team and our energy and passion for the brand, the structure is in place for a great future for Fairline Yachts. We will focus on creating high-quality luxury motor yachts that boaters will want to own and dealers will want to sell."

"As a sign of our commitment to Fairline Yachts loyal customer base and dealer network, we will be completing all orders for boats received by Fairline Boats, including those that have not yet started being built as well as those that are already in production."

TAGS: Russia | business | marine | energy

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