Fairline Yachts confirms asset buyout and Russian owners

The Fairline brand looks set to continue after a new company Fairline Yachts bought the assets out of administration

Fairline Yachts is the new name for Fairline Boats after the assets of Oundle-based yard were bought out of administration.

The deal, which was confirmed today, includes backing from UK-based Russian investors Alexander Volov and Igor Glyanenko.

Despite being avid boaters, the new owners of the Fairline brand do not plan to run the firm on a day-to-day basis and have appointed Russell Currie as Managing Director.

Mr Currie (pictured below) has plenty of industry experience, having worked as engineering director at Sunseeker’s Mallorca test facility, and chief test engineer at Princess Yachts before his most recent role as CEO of Fairline North Mallorca.

Speaking about the company’s future direction, he said: “We will focus on creating high quality luxury motor yachts that boaters will want to own and dealers will want to sell. As a sign of our commitment to Fairline’s loyal customer base and dealer network, we will be completing all orders for boats received under the previous company structure, including those that have not yet started being built as well as those that are already in production.”

The firm has also invited former workers to reapply for their jobs, with roughly 100 positions due to be filled at the Oundle factory.

Roughly 380 jobs were lost when Fairline Boats went into administration last month.

Administrators FRP Advisory described the asset buyout as “the best possible outcome” and thanked the loyal staff and supportive customer base and dealer network for helping to see the business through this tough time.

Fairline’s most recent launch was the Targa 53 (pictured above), which debuted at the 2015 Southampton Boat Show.