The Gold Coast-based firm has been bought by a "prominent local businessman"

Struggling Aussie boatbuilder Mustang has been bought by a “prominent Gold Coast businessman”, according to administrators.

The Gold Coast-based maker of sportcruisers and flybridges up to 60ft collapsed back into administration in March for the second time in two years after poor first quarter sales.

One of the administrators, Cliff Sanderson, said: “The effects of the global economic crisis weighed heavily on Mustang’s financial performance during 2009 and the business was further hampered by a fire at a critical supplier earlier this year.”

The sale of the builder to the local businessman was conducted swiftly to ensure the period of administration was as short as possible, a statement said.

The buyer of the firm plans to roll out a range of new boats over the next year, according to administrators, adding that the builder’s manufacturing facility will be relocated to another part of the Gold Coast.