Oyster Yachts has been rescued from administration by gaming software entrepreneur, Richard Hadida British boatbuilder, Oyster Yachts, which ceased operations last month after going into liquidation, has been thrown a lifeline by businessman, Mr Hadida.
The failure of the business, which builds, services and charters vessels of up to 118ft in length, came despite it having its largest ever order book in 2017.
The previous year’s figures show the business suffered a £5.2m hit from the sinking of the Polina Star III yacht, which dragged it to a £7.4m loss for the year, leaving the company’s finances foundering.
Mr Hadida’s involvement will allow Oyster to resume construction on vessels and wider operations, which had been stopped with immediate effect, following the company’s failure. It will also see the reemployment of most, if not all, of the 420 staff based in Hampshire and Norfolk, who were last month made redundant with immediate effect.
Mr Hadida, who made his fortune developing software group Evolution Gaming, said he “fell in love” with the British yacht builder, having sailed one of its vessels. However he was keen to highlight that this investment was “not merely a hobby”.
“I believe we must save this great British brand and nurture it for the long term. But it needs to be a sustainable business: hard, quick decisions need to be taken. The boatbuilding industry needs to evolve like every other industry.”