Luxury yacht manufacturer Fairline Boats is under new ownership after being bought for an undisclosed sum.

Fairline Boats, which was founded 52 years ago, has been acquired by the luxury brands operator Wessex Bristol.

The manufacturer, which employs several hundred staff, was previously owned by Better Capital PPC, after buying the company four years ago.

Ayiaz Ahmed, chief executive of Wessex Bristol, said: “We are excited to be adding Fairline to our brand portfolio, building on our successes in the luxury boat market with our iconic Fletcher brand.

“Fairline is a leading global luxury yacht brand and has just launched its new Targa 53GT model, which was very well received at the recent Southampton Boat Show.

“We now look forward to taking Fairline on its next stage of growth, building on the brand’s strong following in the worldwide boating community.”

Kevin Dady, who was interim chief executive of Fairline, said: “We have invested a lot in the turnaround of Fairline and are pleased that Wessex Bristol has taken ownership of the company.

“We wish them, the company and its staff all the best for the future.”

Mr Dady will depart immediately to continue his role as operating partner at Better Capital.

Wessex Bristol owns and operates a portfolio of exclusive brands in the luxury sector including Fletcher, a leading UK-based luxury sports boat manufacturer.

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