Please select your home edition
Edition
Naiad

RIVIERA IS BACK!- exits receivership with new Queensland owner

by Jeni Bone on 8 Mar 2012
Riviera has been brought out of receivership by Longhurst Marine Holdings, headed up by The Boat Works boss and Gold Coast business identity, Rodney Longhurst, with Wes Moxey returning to the top job as CEO.

Bill Barry-Cotter's Maritimo group had made a final offer yesterday, hoping to bring the deal to a conclusion, but today's announcement is the Longhurst Marine Holdings has been successful in its bid.

[Sorry, this content could not be displayed]

According to the Riviera announcement this afternoon, Riviera alerted its staff that 'a sale transaction had been completed earlier in the day'.

'This sale will allow Riviera to officially exit receivership and move positively forward under private ownership,' it continued.

'Longhurst Marine Holdings Pty Ltd, a Queensland based investment company has purchased the Riviera assets, work in progress and associated companies for an undisclosed amount. Longhurst Marine Holdings has offered employment to the majority of Riviera staff and contractors and has also entered into a long-term lease for Riviera’s 14-hectare state-of the-art Coomera manufacturing facility.

Rodney Longhurst, the Managing Director of Longhurst Marine Holdings is well known in Queensland business circles having developed an investment portfolio in tourism and property.

Mr Longhurst already has a significant investment in the boating industry in the 9.2-hectare marine service facility 'The Boat Works' located on the Coomera River within the Gold Coast Marine Precinct.

Mr Longhurst said the inherent strength of Riviera in the face of recent global market forces was the key factor that drew his interest in acquiring the business.

'I have watched how the Riviera luxury boat brand has so emphatically endured the last four years of turbulent economic conditions. For the past two years and nine months the company has operated in Receivership and during this period, local and international competition has also been particularly fierce. Yet throughout this unprecedented cycle, the Riviera brand has retained it’s integrity and has defied industry trends achieving significant results with new model releases and sales,' said Mr Longhurst.

'The very strong loyalty that Riviera owners feel toward their boat and the company is truly to be admired. This culture cannot be created overnight and is the sum total of many contributing factors over the past 32 years. World leading design, superior quality, technology innovation and a belief that Riviera owners are part of a family, not mere clients of the company; are some of the unique values that attracted me to Riviera.'

Free of Receivership constraints, Riviera will now move through a restructure and recapitalisation process to prepare the company for future growth opportunities. Part of this process will be the creation of a new senior management team to drive the business forward.

[Sorry, this content could not be displayed]

Wes Moxey, the former CEO of Riviera and a veteran of 26 years with the company has been asked to return immediately as CEO.

After taking a 12-month sabbatical from the boating industry, Mr Moxey has spent the past 18 months immersed in the development of a new line of limited edition Motoryachts called Belize. The Belize Motoryacht line will shortly be offered through the Riviera global dealer network of 46 dealers’ spaning 66 countries.

'Riviera has been a very large and influential part of my life and that of my family’s. I am refreshed from my sabbatical and wiser from the lessons learnt in developing the Belize Motoryacht line from scratch with our own capital. I am thrilled with this opportunity and I am ready and eager to help lead our great team forward,' said Mr Moxey.

Stephen Milne has been Riviera’s Director of Brand and Communications for the past nine years. Prior to his full time employment in 2004, Mr Milne was a contractor in marketing services for many years to Riviera. Mr Milne has been appointed as Director of Brand and Sales.

'Riviera free of Receivership, free of ownership rumour and speculation, fully recapitalised, restructured, independent and firmly focused on the future, will create a boat company of unrivalled passion. This in turn will create opportunity for our valued owners, our dealer network partners and our dedicated staff and contractors. We are extremely keen to move forward leaving the GFC in our wake,' said Mr Milne.



Chris Gilfoyle who has enjoyed a 20-year career with Riviera on the production side of the business has been appointed as Head of Manufacturing.

'The news of the purchase of Riviera was greeted today with a resounding round of applause from our assembled staff and contractors. These men and women have toiled tirelessly and unselfishly over the past three years and today’s announcement is truly a victory for the true Riviera believers. This is the best outcome possible for our business and our people stand ready for the opportunities that the future will bring,' said Mr Gilfoyle.

Mr Longhurst said, 'Riviera is Australia’s favourite luxury cruiser brand. The senior Riviera management team and Longhurst Marine Holdings are going to do all we can to enhance this position. With Riviera recording its best result in four years at the Miami Yacht and Brokerage Show in Florida last month and February being the company’s best sales month in the last six months, I think our timing is perfect.

'I am proud that we have been able to help persevere 340 Gold Coast jobs and a manufacturing base in Australia. I am also proud to now be a part of Riviera’s future.'

Riviera offers 20 different models from 36 to 85 feet across four model series Flybridge, Sport Yacht, Offshore Express and Motor Yachts.

For more information, please go to www.riviera.com.au

Naiad/Oracle SupplierWildwind 2016 660x82Protector - 660 x 82

Related Articles

She’s still here with us, and now we can be there for her
Of the many endearing qualities in Lisa Blair, the one that is paramount is her effervescence. Of the many endearing qualities in Lisa Blair, the one that is paramount is her effervescence. Yet it is what lies behind that which could be her most incredible characteristic. Sometimes you can almost overlook her steely determination, but not for long when you start talking with her. Catching up with her live from Cape Town surely was a vivid reminder of not only what this sailor can accomplish
Posted on 24 Apr
Gladwell's Line - Timeout in Bermuda and a decision OTUSA will regret?
With Emirates Team New Zealand's AC50 now in Bermuda and being re-assembled, it is time to take a breath With Emirates Team New Zealand's AC50 now in Bermuda and being re-assembled, it is time to take a breath from what has been a hectic couple of months, both in Auckland and Bermuda. The third major Practice Session has concluded in Bermuda. This was conducted almost entirely if winds of around 16-25kts - starting to get close to the top end of the range for the AC50's.
Posted on 20 Apr
America's Cup - Glenn Ashby on hitting the AC50's sound barrier
These boats are incredible. The performance that can be achieved in light airs is the amazing thing. The big difference between the AC72, the America's Cup Class, used in the 2013 America's Cup in San Francisco and the smaller AC50 to be sailed in Bermuda, lies in their light and medium air performance. 'These boats are incredible. The performance that can be achieved in light airs is the amazing thing. In 7-8-9-10 knots of breeze, you are sailing at 30kts at times.
Posted on 18 Apr
America's Cup - Bernasconi on expected winning factors in Bermuda
ETNZ's Technical Director, Dan Bernasconi has let out a few clues as to where he thought the differences might lie Emirates Team NZ's Technical Director, Dan Bernasconi has let out a few clues as to where he thought the differences might lie once the six teams entered in the 35th America's Cup. 'We have had a great run', he says. 'We've had a few hiccups along the way, as always. But the boat is going really well. We are getting through manoeuvres very well. And we think our straight line speed is good.'
Posted on 18 Apr
A Q&A with Nicole Breault about women’s match racing in the USA
I caught up with Nicole Breault to learn more about women’s match racing in the USA and about her upcoming Clinegatta. I caught up with Nicole Breault to learn more about the state of women’s match racing in the USA, and to also hear more about her upcoming Clinegatta, which is set to unfurl on the waters of San Francisco Bay this July, and which could be a great resource for other talented female match racers who are looking to sharpen their skills.
Posted on 17 Apr
America's Cup - Team NZ return fire at Coutts' social media bullets
Emirates Team New Zealand have corrected the allegations made by America's Cup organisers Emirates Team NZ have corrected the allegations made by America's Cup organisers in a media release on Thursday (NZT) over the team's daggerboard use. In the release, replayed by America's Cup Events Authority and Oracle Team USA CEO Sir Russell Coutts on his Facebook page. It was claimed that the Kiwi team had an issue with daggerboards and were using a rule they had not supported to keep sailing
Posted on 2 Apr
A Q&A with Charles Pessler, the regatta director of the legendary STIR
I corresponded with Charles Pessler, STIR’s regatta director, to learn about the event’s recent changes and evolutions. I recently corresponded via email with Charles “Chuck” Pessler, who is serving as the regatta director of the legendary STIR, to learn more about the changes and evolutions that have taken place at the event since my 2010 trip to racing paradise.
Posted on 22 Mar
New Pacific 52 class makes its debut in San Francisco
The first of two new-build Pacific 52's from Auckland's Cookson Boats is now sailing in San Francisco. The first of two new-build Pacific 52's from Auckland's Cookson Boats is now sailing in San Francisco. Invisible Hand for San Francisco's Frank Slootman replaces his earlier RP63 of the same name. She will soon be joined by a second Cookson build, Bad Pack (Tom Holthus) from the same moulds. A third, RIO 52 is for RIO 100 supermaxi owner Manouch Moshayedi.
Posted on 18 Mar
A Q&A with Chris Woolsey, regatta chair of the Miami to Havana Race
I talked with Chris Woolsey, regatta chair of the Miami to Havana Race, to learn more about this exciting race to Cuba. The 2017 Miami to Havana Race is set to begin on March 15 and promises high adventure-both sailing-related and cultural-for the sailors lucky enough to be participating in this historical-and for now legal-race. I talked with Chris Woolsey, regatta chair of the Miami to Havana Race and SORC race chairman, to learn more about this exciting race to Cuba.
Posted on 13 Mar
Gladwell's Line - Of Carnage, Characters and Colour
About this time of an America's Cup season, the sap begins rising as new boats are launched About this time of an America's Cup season, the sap begins rising as new boats are launched, and Cup fans get their first sight of the various team designers' response to the latest America's Cup Class rule. In the monohull days, of course, we initially only got a partial glimpse thanks to the shrouding practices adopted by all teams to hide the nether regions of their America's Cupper
Posted on 13 Mar