Luxury boat manufacturers Fairline, famous for their Targa and Squadron models, have only retained 69 of their employees after going into administration.
9 December 2015
After it was announced last week that Fairline had gone into administration, it’s been revealed that the administrators have kept only 69 staff out of 450 Fairline employees.
The rest were told last Wednesday that it would be their last day, leaving 381 people without a job.
The 69 remaining staff will keep the business running and complete existing orders.
2 December 2015
Fairline Boats have gone into administration and Geoff Rowley and Alastair Massey of FRP Advisory LLP, the restructuring and business advisory firm, were appointed joint administrators to Fairline Boats Limited on 2nd December 2015.
Luxury boat manufacturers Fairline were acquired by Wessex Bristol in September and recently announced that they had to layoff nearly a quarter of their staff temporarily.
Prior to entering administration the company employed around 450 staff across its operations with the vast majority being divided between its Oundle and Corby factory sites in Northamptonshire.
It is anticipated that there will be redundancies in the near term although the joint administrators will retain a core team of workers to help trade the business, service existing orders and liaise with customers, suppliers and boat dealers.
A further update will be provided by the joint administrators at FRP Advisory once they have completed an urgent review of the company’s financial position in order to make a more detailed assessment of the company’s longer term viability in its present form, the business and ongoing staffing needs.
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