Job losses as luxury yacht firm taken over

Fairline Yachts has been purchased by Arrowbolt

A luxury yacht manufacturer has been sold to a company specialising in clean propulsion technology, leading to redundancies.

Fairline Yachts, founded in 1967 in Oundle, Northamptonshire, was purchased by Arrowbolt after private equity firm Hanover Investors sold its stake.

The BBC understands several people at the Oundle site have been made redundant and there could be more than 100 job losses.

Peter Hamlyn, the new chief executive of Fairline, said: "We look forward to aligning the business with our long-term vision to be a clean and sustainable marine brand."

Arrowbolt makes electric propulsion technology and develops zero emission systems for the recreational boat sector.

Hanover Investors bought its stake in Fairline Yachts in 2021.

The company's prototype and development teams are based in nearby Corby, while its testing facility is based at Ipswich Marina in Suffolk.

Both Fairline and Arrowbolt have been contacted for further comment.