It's official! Maritimo owns Mustang
by Bob Wonders on 7 May 2010
Maritimo’s owner, Bill Barry-Cotter. Bob Wonders
As we pointed out earlier this week, the rumour mill was in overdrive along the Queensland Gold Coast waterfront as news surfaced about Maritimo CEO Bill Barry-Cotter being named as the new owner of Mustang Marine.
It was all supposition, with Barry-Cotter, arguably the most powerful figure in the Australian boating industry, all but denying the move.
'I will make a statement on Friday, 'he said, despite publications such as the Gold Coast Bulletin and the respected magazine Gold Coast Business News, both ‘leaking' the story in considerable detail.
Well, Friday has arrived and true to his word Bill Barry-Cotter has made his statement.
'Maritimo has purchased the assets of Mustang Marine,' he said.
During its more than 35-years, Mustang has seen more than a few ‘potholes' on its roadway to becoming a successful boat manufacturer.
It was ‘rescued' from dire straits early in 2008 by the Standard Bank of Asia, but when that organisation withdrew funding support earlier this march, Mustang Marine entered voluntary administration.
In his statement, Mr Barry-Cotter said the successful bid for the troubled company was a joint venture between himself and prominent Gold Coast businessman (and long-term Barry-Cotter colleague) Steve Searle.
However, it was explained that Searle would be entitled to some of the Mustang Marine plant and equipment, but would have no further day-to-day involvement with the business.
The official Maritimo statement confirms that the company, based at Coomera and Hope Island, has purchased the intellectual property and moulds of Mustang Marine and will maintain the Mustang name.
Maritimo's experienced management team is understood to be closely studying the entire Mustang Marine business prior to making any firm decision on its immediate future.
The company has confirmed that Mustang boats will be on display the Sanctuary Cove International Boat Show scheduled to open on May 20.
At this stage it is believed some existing Mustang dealers will continue to handle the range, with some boats also being sold through Maritimo's dealer network.
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