Funding secured to save jobs at luxury yacht maker

Fairline make luxury yachts sold directly and through dealerships

The administrators of a luxury yacht manufacturer said they have secured funding to allow production to continue and workers to keep their jobs while a buyer is found.

A sale process has been launched for Fairline Yachts, based in Oundle, Northamptonshire.

The administrators said they were trying to attract both domestic and international investors.

They said the funding would help them retain the firm's 250 employees.

Fairline Yachts was founded in 1967 and has a network of dealers worldwide for its range of luxury yachts.

In December, the private equity firm Hanover Investors sold its stake in the company, which was then acquired by Arrowbolt.

Following the takeover, more than 100 employees were made redundant.

The lender, DF Capital, has provided the funding needed to continue production and sale and retain 250 employees across sites in Oundle and Suffolk.

Fairline is based in Oundle in Northamptonshire

The administrators are now encouraging interested parties to contact them about the possibility of buying Fairline Yachts.

Michael Magnay, one of the joint administrators, said: "The business is known throughout the world for the quality of its craftsmanship and the innovative design of its yachts.

"We expect that it could have broad appeal, to international investors as well as domestic. We encourage interested parties to make contact with us to discuss the opportunity to acquire this exciting business."