Fairline in Administration

[Ianfs]

To be expected, I wonder if its going to be a Chinese backer?

However.................

Several dozen staff has been retained to keep the business running and service orders while attempts are made to find a buyer but joint administrators Geoff Rowley and Alastair Massey are expected to make redundancies.

It added that a further update would be provided once the administrators had completed an urgent review "in order to make a more detailed assessment of the company's long term viability in its present form, the business and ongoing staffing needs".

It immediately laid off 109 staff for a temporary period but warned of significant job losses to come.

It is understood that the company has not paid its pension contributions for three months - meaning it effectively runs out of cash.

Fairline had even appointed insolvency specialists to try and put together a Company Voluntary Arrangement to be agreed by creditors to help pay off its debt.

A luxury boat maker bought earlier this year by Somerset-based investor Wessex Bristol has entered administration with 450 jobs at risk.

The firm was acquired by Wessex Bristol in September, and recently announced a number of layoffs.

"This is completely unacceptable and Unite calls on the Business Department to hold an inquiry into the business activities of private equity firms, with special reference to Fairline Boats, a well-known Northampton shire firm, established in 1963, which has now gone into administration".