Hunton Yachts has the key assets of Hunton Powerboats after the previous company went into liquidation
A new company called Hunton Yachts Ltd has purchased the key assets of Hunton Powerboats after the previous company was put into voluntary liquidation late last year.
Hunton Yachts Ltd secured the moulds, the Hunton name and the intellectual property rights to the existing range of boats for an undisclosed sum but not the Romsey-based factory or its employees. MBY understands that at least five other parties were interested in buying some of the assets but were outbid by Hunton Yachts Ltd.
The new company now plans to launch a new range of luxury yachts, including the long awaited XRS 55, by outsourcing the manufacturing process to a third party boat builder. Discussions are already ongoing with a number of different yards in the UK and overseas but no decisions have yet had been made on who will get the business.
Fiona Pool, the former managing director of Hunton Powerboats, stays on as the CEO and sole director of the new company, with the backing of two other shareholders. Additional investment is also claimed to be forthcoming from a new outside source.
Speaking to MBY, Fiona Pool confirmed that Hunton Powerboats had been losing around £1million a year and that restructuring the business in order to reduce its overheads was necessary in order to attract new investment. She also confirmed that all Hunton Powerboats’ creditors and suppliers had been paid in full and no customers had been left out of pocket, although around 20 employees were made redundant.
“We are now a debt free, clean sheet company with 80% less fixed overheads,” said Fiona.
Hunton Yachts Ltd will now look to launch a new range of luxury performance boats based on heavily refreshed versions of the existing models and an all new 55ft craft built on a modified Jeff Hunton hull with twin 1,200hp engines and a top speed of more than 50 knots. Available in both hard top and fully open guises with two ensuite cabins below decks, it will set the tone for a new generation of Hunton craft.
More details and images of the XRS 55 will be released in the coming months but the finished boat is unlikely to hit the water before Summer 2018 at the earliest.
Commenting on the new business, Fiona Pool said: “This is a very exciting time in Hunton’s history. We have emerged as a leaner, healthier business with a very clear strategy for new product development, dynamic marketing and a global outreach.”