Mustang Marine saved by Asian bank

Aussie maker of sportscruiser and flybridge boats sold as going concern

Troubled boatbuilder Mustang Marine has been sold as a going concern to Standard Bank Asia Limitied.

Late last year, the Australian maker of sportscruiser and flybridge motorboats hit cash flow problems and management group Ferrier Hodgson was called in to act as administrator.

With this news, however, it seems Mustang’s days are far from numbered.

“The sale of the business is a great result for all of the stakeholders of Mustang,” said Peter Gothard, spokesman for the receivers.

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“We worked hard to preserve the business operations and are very pleased to have been able to finalise the sale of the business as a going concern.

“We understand that the purchaser will be continuing to operate the business as usual and that most of the Group’s employees will retain their jobs.

“We look forward to seeing the Mustang brand prosper in the coming years.”