Bankers take Gold Coast motorboat manufacturer off the shelf to allow it more time to rebuild

Riviera, one of Australia’s largest boatbuilders, has been withdrawn from sale by its bankers to allow the Gold Coast-based business further time to rebuild after falling into administration last year.

“Over the last eleven months our bankers have been impressed with our performance despite the prevailing market conditions and the positive gains made as a direct result of the restructuring process,” said Riviera CEO John Anderson.

“We are tracking ahead of our business plan and sales are certainly above all of our expectations. In the last 11 months over 100 new Rivieras have been sold by our global dealer network giving a weekly sales rate of two and a half new boats per week.”

The company plans to launch a series of new models over the coming five years, including a 43ft flybridge boat (pictured), which will debut at the Sanctuary Cove International Boat Show in May.