Crisis-hit yacht manufacturer Fairline Boats has been saved after the firm was bought by two Russian investors.
A new company, Fairline Acquisitions, funded by two UK-based Russian investors with a background in the marine sector, is to take on the failed company’s order book and initially plans to recruit around 100 of the 380 staff who were made redundant before Christmas.
It will be run by Russell Currie, who has been a Fairline dealer for 18 years where he has made sales of more than £90 million.
Currie said: “I am delighted to have been appointed managing director for Fairline Yachts. With the resources of the investors, coupled with the expert knowledge of the management team and our energy and passion for the brand, the structure is in place for a great future for Fairline Yachts.
“We will focus on creating high quality luxury motor yachts that boaters will want to own and dealers will want to sell," he added.
Fairline Acquisitions will take responsibility for finishing and completing any outstanding boats orders and expects to resume production after completing an assessment of the range of boat models.
Little is known about the Russian buyers, though they are thought to be Alexander Volov and Igor Glyanenko, who are both listed as shareholders in Fairline Acquisitions, which was registered with Companies House on January 6. Also listed as a director of the new company is Karl Gilding, a former Fairline boss left to work for rival Sunseeker two years ago.
The Russian pair are said to be UK-based and long-term investors with experience in marine business. They are thought to have previously held the sales rights for a rival motoryacht company in their home nation.
Failine Yachts will keep its base in Oundle, Northamptonshire, where its manufacturing facilities are located.