Oyster Marine Holdings now in administration

By David Robinson
Thu Feb 8 2018, 15:30 PM

UK builder Oyster Yachts is considering its options after failing to secure sufficient funding to continue trading

Late on February 7, Oyster Marine Holdings, the holding company of the UK’s Oyster Yachts brand, entered into administration working with KPMG Restructuring. This process is now underway with the objective to find a buyer as quickly as possible.

In a statement yesterday, KPMG said: Neil Gostelow and Mark Orton from KPMG Restructuring have been appointed joint administrators to Oyster Marine Holdings Limited, the holding company for the Oyster Yacht group of luxury boat builders.

Headquartered in Southampton, the company also trades from Wherstead in Suffolk. Its main trading business, Oyster Yachts, is currently considering its options after failing to secure sufficient funding to be able to continue to trade. No other companies within the group form part of this particular administration.

Oyster Marine Holdings owns the Intellectual Property to all of the technical drawings and moulds used in the production of the yachts in the Oyster range.

Yesterday, Oyster CEO David Tydeman told IBI that in total around 330 people in the UK and US have been laid off.

Neil Gostelow, partner at KPMG and joint administrator, commented: “Late last week, the company directors confirmed that they had been unable to secure the financial support they needed to continue to trade the business. Our immediate priority will be to seek a buyer for the business and its assets and would encourage any interested parties to contact us as soon as possible.”

Interested parties are advised to contact William Lewis who is part of the Administration team on +44 7771 555540 or email william.lewis@kpmg.co.uk