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Luxury Yacht Sales In Decline

by Mike Godfrey, for LawAndTax-News.com, Washington

21 January 2009


It is understood that one of the world's largest luxury yacht makers, Ferretti, is to call in outside advisors to help restructure the firm after dwindling sales have left it struggling to stay afloat amid the current financial crisis.

The company, which was founded in 1968 and builds around 500 boats each year, had been enjoying a stint of particularly good sales and record profits in the months leading up to the economic downturn.

However, not even the super-rich are immune from the effects of the credit crunch, and demand for the company's GBP1.5m luxury motor yachts is hitting a trough.

Subsequently, it has emerged that Ferretti's private equity owners, Candover and Permira, are now looking into hiring the expertise of investment bank NM Rothschild to help them begin restructuring an estimated GBP1.5bn worth of debt, the Financial Times reports.

Speculation that cracks were emerging in the company was rife last year, when a re-listing on the Milan stock exchange was cancelled.

In a similar turn of events late last year, Fairline, the luxury yacht and powerboat specialist, spoke about its decision to downsize its workforce; a move it claims was also a direct result of the current credit crisis.


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