New Hythe yacht factory 'will create 200 jobs'

Fairline Yachts managing director Russell Currie said the firm would invest £30m in the site

A luxury boatbuilder has said it will create 200 jobs with the opening of a factory.

Fairline Yachts plans to start producing large motor yachts at Hythe in Hampshire in the summer of 2018.

It said it would invest £30m over four years in the site at the former Hythe Marine Park.

Previous firm Fairline Boats, based in Oundle, Northamptonshire, went into administration in 2015 with the loss of 374 jobs.

The firm's assets were bought for £4.5m by UK-based Russian investors, Alexander Volov and Igor Glyanenko.

Fairline will build larger yachts at its new base in Hythe

Fairline Yachts managing director Russell Currie said the new factory would allow the company to build larger yachts, which was not possible in Oundle.

Part of the Hampshire site was formerly occupied by boatbuilder Green Marine, which went into liquidation in October with the loss of 46 jobs.

Mr Currie said: "When this site became available all of our Christmases came at once. [It] complements our landlocked site in Oundle which has been there for 50 years."

He said no jobs would be lost in Oundle, which will build boats up to 60ft (18m) long.

A factory operated by Fairline Boats at Corby, Northamptonshire, was closed after the Russian takeover.

Fairline will take over premises at the former Hythe Marine Park