Aussie builder Riviera enters receivership

Motorboat builder calls in Deloitte after seeing sales take a big hit over the last 12 months

Riviera, one of Australia’s leading motorboat builders, has entered voluntary receivership after seeing sales “significantly impacted” by the global downturn.

The move will see receivers Deloitte attempt to restructure the 30-year-old business and sell it as a going concern.

The past 18 months have not been easy for the Gold Coast-based builder. It cut 300 staff in 2008, another 117 in January this year, and the remaining 550 workers have just returned to work after a four-week factory shutdown.

Chris Campbell from receivers Deloitte said: “This process may take some time. Our first task will be to review the financial position of the company to evaluate the best possible outcome for creditors and other stakeholders with interests in the business.

“Our key focus is to ensure the continued trading and preservation of employee jobs, as well as to derive and implement a restructuring plan. This will allow us to continue to care for the needs of the strong customer base.”