Fairline Yachts is Buoyant Once Again

After entering into administration in December, Oundle based Fairline Boats has been rescued by two Russian investors in a deal said to be worth £4m. Since Fairline’s future was secured at the end of January, the new company has been managed by Russell Currie, who was a Fairline dealer for 19 years.

The Russian investors, Alexander Volov and Igor Glyanenko have a background in media and are said to be passionate boat owners.

The company, renamed Fairline Yachts, has only taken on board 100 workers from the over 400 employees who were made redundant when the company collapsed last year.

The company will merge its operations at its factory in Oundle, and will be shutting down its Corby site permanently. In November last year, office staff relocated to the factory site from the head office at Nene Valley Business Park, which has been put on the market for £3.25m.

The new company’s luxury boats range in price from £500,000 to £5m, and in early March first new boat went on sale. The new managing director, Russell Currie, said: ‘This is a significant occasion and one we want to celebrate.’

He promised to ‘complete all orders for boats received by the previous owners, a sign of our commitment to our loyal customer base and dealer network’.

Fairline’s objectives are onwards and upwards, and are hoping to increase their production over the next three years.

By Sarah Boyle – 11 May 2016