Jobs saved after luxury Southampton-based yacht firm buyout

The yacht building firm has been trading for more than 45 years

Hundreds of jobs have been saved after a luxury boatbuilding company that went into administration was bought.

Southampton-based Oyster Yachts has been sold to Richard Hadida Yachting Limited, securing jobs in the city and its site in Norfolk.

Redundancy notices were issued to its 400 staff, including those based at Saxon Wharf, Southampton and Wroxham on The Broads, in February.

Richard Hadida is the founder of an online casino gaming software business.

In a statement, Oyster Yachts said it was "delighted".

"Richard Hadida, a lifelong sailor, has acquired the business with the firm commitment to re-establish Oyster as the premium designer and manufacturer of yachts in the world."

The luxury boatbuilding company announced 400 job losses in February