Mustang announces designs on Riviera

by Jeni Bone on 21 May 2009 Going ahead as planned with its official reception out of the elements in the Hyatt's Romney room, despite the cancellation of Day 1 at SCIBS, Mustang Marine has created a stir, announcing its interest in buying the Riviera group, currently in the hands of receivers Deloitte and Partners.

Mustang Marine CEO, Chris Heaton confirmed the company’s interest in Riviera. 'Our bank (the Standard of Asia) has registered interest in Riviera. Losing your major competitor is never a good thing. Losing the largest manufacturer in Australia is never a good thing.

'We want to be involved in the sale process so that the best comes out of the marine industry because it's pretty tough times out there at the moment. It is something we need to be a part of, as opposed to let it slide.'

There are murmurs that one other party has also expressed interest in acquiring Riviera.

Since the bank buy-up, the management team based at Molendinar, has worked hard to ensure its future, continued Heaton.

'We’ve had a tough 18 months, as it has been for the whole industry and we are certainly not hiding behind that, however there has been incremental progress each month to the point that since November we have increased our staff levels by 30 per cent. It has been a very difficult journey and the hard work is not over yet, but we believe we have the building blocks in place to build a Mustang of old.'

The Mustang brand has been familiar in Australian and international waters since 1974.

'One of the things we saw as an advantage in the last 12 months was that the downturn gave us an opportunity to reshape the business easily.'

Heaton said even if the group was successful in buying Riviera, which produces boats up to 70ft, the company would still focus on entry level boats. 'I think we all need to be a lot smarter and a lot leaner. It won't look like it was 12 months ago, possibly come out better looking.'

Mustang recently appointed dealerships in the UAE, Hong Kong and Russia and had also taken on ones in New Zealand, Queensland, NSW and Victoria.

Mustang, owned by Hong Kong-based Standard Bank of Asia since January last year when the National Australia Bank evoked receivership, plans to unveil four new models at the rescheduled opening of Sanctuary Cove Boat Show, Friday 22 May.

New boats the company is set to unveil include: 2850 Sports Cruiser; 480 Sports Euro; 550 Sports Euro; and the 500 Sports Coupe. It is the first time the company has produced a medium-sized Euro range.

More at www.mustangmarine.com.au