Fairline plays down sale rumours

by Media Services on 16 Nov 2010 Fairline Boats' managing director, Derek Carter has quashed speculation as to the imminent sale of the UK's third largest builder of powercruisers.

'We are not close to announcing a new owner. The story which appeared in The Daily Telegraph a couple of weeks ago was premature. We have been owned by 3i (a leading UK private equity group) for five and a half years. It's normal for investment bankers to sell on between three and five years, so we are working with 3i and management consultants Deloitte to explore options for Fairline's future. This could be through the sale of the company, reinvestment, or a merger.'

Carter made it clear that nothing was being ruled out, but that for the time being it was business as usual.

Just last week, the UK brand cited 'global market deterioration' as well as consolidation of production as the reason for cutting 80 workers, attributable to the global downturn in boat sales. Fairline cut 365 jobs in September 2008 while also reducing worker hours as the international boating market deterioriated.

'The loss of up to 80 valued employees is regrettable but a consequence of the global market deterioration experienced in 2008-09 and the steps we have had to take to secure the business and its plans for the future,' he added.

Fairline continues to invest in new models improving its production efficiency. The Southampton boat show in September saw the introduction of new Targa 58 and Squadron 42 models. In 2011 launches of a new Targa 50, a Squadron 50 and a flagship Squadron 80 are planned.

More at www.fairline.com