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Home > Daily News > Oyster Marine Ltd: Administrators Appointed

Oyster Marine Ltd: Administrators Appointed

Administrators have been appointed for Oyster Marine Holdings Ltd, the holding company for the Oyster Yacht group of luxury boat builders.

The company is headquartered in Southampton and also trades from Wherstead in Suffolk and has two employees.

It owns the intellectual property to all the technical drawings and moulds used in the production of yachts in the Oyster range.

Administrators KPMG Restructuring has confirmed no other companies within the group form part of this administration.

“Late last week, the company directors confirmed that they had been unable to secure the financial support they needed to continue to trade the business,” said Neil Gostelow, partner at KPMG and joint administrator with KPMG’s Mark Orton. “Our immediate priority will be to seek a buyer for the business and its assets and would encourage any interested parties to contact us as soon as possible.”

Considering options

KPMG has confirmed Oyster Yachts, the company’s main trading business, is currently considering its options having failed to secure financial support.

A statement from David Tydeman, Oyster CEO, confirmed the company did not have the finances to continue.

“It is with sincere regret that we advise that the company has been unable to secure financial support to enable it to continue at this time and it is looking at all opportunities available,” he said. “Further information will be issued as soon as we can.”

The Oyster group comprises Oyster Marine Ltd, Oyster Brokerage Ltd and Southampton Yacht Services Ltd.

The group has bases in Ipswich, Wroxam in Norfolk, Mallorca and Rhode Island and employs around 400 staff across all its sites.

In January Oyster reported 2017 was a record year for the boatbuilder and it had a forward order book of more than £80m.

Interested parties can contact William Lewis in the administration team on 07771 555540 or william.lewis@kpmg.co.uk