Partly Cloudy

Partly Cloudy

max temp: 19°C

min temp: 10°C


Administrators appointed at holding company of troubled boat builder Oyster

PUBLISHED: 15:29 08 February 2018 | UPDATED: 11:47 09 February 2018

The Oyster Yachts premises at Hoveton. Picture: DENISE BRADLEY

The Oyster Yachts premises at Hoveton. Picture: DENISE BRADLEY


Administrators have been appointed at Oyster Marine Holdings Ltd, the holding company of the Oyster Yacht group of boat builders.

The Oyster Yachts premises at Hoveton. Picture: DENISE BRADLEY The Oyster Yachts premises at Hoveton. Picture: DENISE BRADLEY

It follows 180 staff at Oyster’s yards in Hoveton in Norfolk being sent home earlier this week after being told that the company had run out of cash, despite a bulging £80m order book.

Oyster Yachts, the main trading business of the holding company, is currently “considering its options” after being unable to secure sufficient funding to be able to continue to trade.

Oyster Marine Holdings employs two people and is headquartered in Southampton, though it also trades from Wherstead in Suffolk.

Administrators from KPMG Restructuring said no other companies within the group form part of the administration. The group includes Oyster Marine, Oyster Marine Events, Oyster Brokerage and Oyster Palma.

The holding company owns the Oyster Group’s interest in the intellectual property rights to all of the technical drawings and moulds used in the production of the yachts in the Oyster range, said KPMG.

Joint administrator Neil Gostelow said: “Late last week, the company directors confirmed that they had been unable to secure the financial support they needed to continue to trade the business. Our immediate priority will be to seek a buyer for the business and its assets and would encourage any interested parties to contact us as soon as possible.”

Management at Oyster Yachts are continuing to explore ways in which the company may be able to continue trading, despite having sent staff redundancy notices “to prevent or minimise all loss to employees and all other creditors”.

Industry sources had pointed to the financial impact of dealing with structural problems identified following the sinking of the Polina Star III, an Oyster yacht which lost her keel and sank off the coast of Spain in July 2015.

In its 2015 accounts, Oyster Marine Holdings booked exceptional administrative expenses of £5.882m for a claim related to the vessel’s loss and the knock-on disruption to production schedule, though the figure also included the cost of relocating head office from Ipswich to Southampton.

It added in its latest filed accounts, to the end of December 2016, that it continued to pursue a counterclaim for £6.8m against a subcontractor involved in relation to the Polina Star III’s sinking.

Writer Richard Curtis says he would love to call his new film with Danny Boyle being shot in the region ‘Suffolk Lad’ – but he doesn’t think Americans could pronounce the county’s name.

Thousands of motorists were snapped putting their foot down by speed cameras on the A12 in the first four months of 2018, official police figures reveal.

Suffolk Coastal MP Thérèse Coffey has been temporarily replaced as an environment minister due to illness.

The chief executive of Ipswich and Colchester hospitals is preparing to embark on a poignant trek in tribute to his “inspirational” wife following her death from breast cancer.

Campaigners are celebrating the launch of a second public defibrillator aimed at saving lives around the clock in Ipswich town centre.

A car and bicycle were involved in a collision at the Colchester Road roundabout in Ipswich this afternoon.

Ipswich market traders have been given an apology by the borough council after Saturday’s trading was disturbed by rescheduled construction work linked to the Cornhill redevelopment.

Planning a last-minute bank holiday barbecue or need a shopping top-up? Check out your local supermarket opening times.

Meet Ruth – the real-life Rapunzel who hasn’t had a haircut in almost 24 years and is preparing to shave it all off for a good cause.

A care assistant at a Suffolk residential home has raised more than £1,300 for dementia research by climbing Yorkshire’s three highest peaks.

Most read

Show Job Lists

Topic pages

Newsletter Sign Up

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24
$render.recurse($ctx, '$content.code.value')