KPMG Restructuring has been appointed the administrator to Oyster Marine Holdings Limited, the holding company for Oyster Yachts

07 February 2018

Administrators have been appointed to Oyster Marine Holdings Limited, the holding company of Oyster Yachts.

The firm, which has its headquarters in Southampton, and also trades from Wherstead in Suffolk, has two employees, and holds the Oyster Group’s interest in the intellectual property of the technical drawings and moulds used in the production of the yachts in the Oyster range.

In a statement, KPMG Restructuring said no other companies within the Oyster group form part of this particular administration.

This includes Oyster Marine, Oyster Brokerage and Oyster Palma.

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 07771 555540 or william.lewis@kpmg.co.uk.

Meanwhile, managers at Oyster Yachts are continuing to look ‘for all opportunities available’ after the firm sent redundancy notices to all of its UK workforce, including employees at the Southampton boatyard at Saxon Wharf and the Wroxham base in Norfolk.

In the notice, Oyster CEO David Tydeman told employees that the company had “been unable to secure financial support to enable it to continue to trade at this time and it is now facing entering an insolvency procedure imminently.

“After considering all possible options, the Company has concluded that there is a risk that it will be unable to continue to provide work for all of its employees at all locations and that it is likely that it will have to make all of its employees redundant,” continued the notice.

“The Company has run out of cash and is unable to pay employees for work. The Company decided to close all operations yesterday (for the immediate future) to prevent or minimise all loss to employees and all other creditors”.

Tydeman added that third party financial support was needed if the firm was to continue trading.

06 February 2018

Managers at Oyster Yachts say they’re ‘looking for all opportunities available’ after the company told workers to expect redundancies

The luxury yacht builder’s 160 staff at its Southampton boatyard at Saxon Wharf, along with its workers at Wroxham in Norfolk are all expected to be affected. It is unclear how it will impact Palma, Majorca and Newport, USA

Oyster CEO David Tydeman issued a statement today, saying: ‘It is with sincere regret that we advise that the Company has been unable to secure financial support to enable it to continue at this time and it is looking at all opportunities available. Further information will be issued as soon as we can’.

Recently, Oyster announced 2017 was a record year, with its order book reaching more than £80 million.

Oyster Marine was acquired by HTP Investments BV (HTP) for just under £15 million in 2012. The company was sold in 2008 by founder Richard Matthews to private equity company Balmoral Capital for about £70 million. The acquisition included the Oyster Group companies Oyster Marine Ltd, Oyster Brokerage Ltd and Southampton Yacht Services Ltd.

 

05 February 2018

The British luxury yacht builder Oyster Yachts is reported to have gone into liquidation as of 1600 on Monday 5 February 2018.

Staff are said to have found out that all employees are to be made redundant in the news this afternoon. A spokesman for the company confirmed that a statement would be made on Tuesday 6 Feb but would not confirm or comment on the news. Staff have been asked to come into work tomorow

Oyster Yachts recently launched their new model, the Oyster 745 at boot Düsseldorf, the German Boat Show at the end of January.

Sources have said that 160 staff at the Southampton boatyard have been told they will be losing their jobs.

Oyster recently had the biggest sailing yacht on show at international Dusseldorf boat show but is rumoured to have gone into liquidation, with the doors closing today at their Southampton yard.

Recently embarking on a major project to build several 118ft superyachts, boosting jobs in the area, the quintessentially British brand announced an order book in excess of £80m worth of business only a few months ago. The company recently publicised the progress of some new moulds for their Oyster 825 and 895 models:

HTP Investments, a Dutch investment firm, are rumoured to have withdrawn financial support for the company.

Oyster Marine was acquired by HTP Investments BV (HTP) for just under £15 million in 2012. The company was sold in 2008 by founder Richard Matthews to private equity company Balmoral Capital for about £70 million. The acquisition included the Oyster Group companies Oyster Marine Ltd, Oyster Brokerage Ltd and Southampton Yacht Services Ltd.

Industry sources suggested that the company may have lost money in dealing with structural problems identified following the sinking of the Oyster yacht Polina Star III, which lost her keel and sank off the coast of Spain in 2015.

Oyster Yachts made the following statement at the time:

‘Since the tragic loss of Polina Star III – Oyster 825-02 – in early July, Oyster has worked with a team of independent experts to review the design and construction of the Oyster 825. Since the recovery of Polina Star III from the seabed recently we have also worked with the various representatives of the Owner’s insurance Company and other stakeholders.

‘The objective of this work was to establish beyond doubt how and why the loss occurred, the first of its kind in Oyster’s long history. First, it is important to note that the Oyster 825 design took into account Classification Society Rules and other standards and has been independently verified. Secondly, our inspection of the other 825s (not including Polina Star III) highlighted a possible weakness in the process used to build the inner structure of those vessels. This process has not been used on any other Oyster Yacht built over the last ~40 years and will not be used again.’

The announcement has taken staff and others in the industry by surprise. The company website was still advertising for job vacancies at the time of the announcement.

 

Jim Pugh, President and Founder of US-based yacht design studio Reichel Pugh commented, ‘I am very surprised and disappointed to hear the news about Oyster Yachts. They came to us in December for a higher performance 33m design and a development of their portfolio. It was an exciting project.’

The project, known as Project Alpha, would have taken Oyster into new territory on the superyacht racing circuit, building on the company’s recent 118ft superyacht build.