Fairline's Future Secured By New Investors
Published: Wednesday, 27 January 2016
The future of British-based boat builders Fairline Boats (now Fairline Yachts) has been secured, thanks to a deal that sees assets of the company bought out of administration for an undisclosed sum.
(Managing Director Russel Currie)
The company is funded by two long-term UK-based Russian investors, who are both highly experienced in managing and developing marine businesses and in the production of high technology products, IT and media services. Both are also passionate boat owners.
Russell Currie has been appointed as Managing Director to lead the newly named company. With nearly 30 years of relevant experience, Currie has a strong background in the luxury motor yacht industry.
As CEO of Fairline North Mallorca, Currie achieved over £90 million of sales. Prior to his role at Fairline North Mallorca, he was Engineering Director at Sunseeker International’s factory team based in Mallorca and was Chief Test Engineer at Princess Yachts International before that.
The appointment of the new Managing Director ensures continuity of senior management at Fairline Yachts and safeguards close customer and boat dealer relations under the new ownership structure.
“I am delighted to have been appointed Managing Director for Fairline Yachts,” says Currie. “With the resources of the investors, coupled with the expert knowledge of the management team and our energy and passion for the brand, the structure is in place for a great future for Fairline Yachts. We will focus on creating high quality luxury motor yachts that boaters will want to own and dealers will want to sell. As a sign of our commitment to Fairline Yachts’ loyal customer base and dealer network, we will be completing all orders for boats received by Fairline Boats, including those that have not yet started being built as well as those that are already in production.”
The newly formed company will operate from its manufacturing facilities in Oundle, Northamptonshire. To ensure continuation of production of the boats, the company invites previous employees to apply for the 100 jobs that will be immediately available.