Oyster Marine acquired by Richard Hadida Yachting

United Kingdom
21st March 2018

Oyster Marine acquired by Richard Hadida Yachting

Company: Oyster Marine
Business Type: Boat Builder

In a deal secured by administrators KPMG, UK software entrepreneur Richard Hadida has been confirmed as the new owner of Oyster Marine.

The British luxury yacht builder ceased production in February with the loss of all employees at its UK sites at Southampton and Wroxham in Norfolk after the Dutch private equity firm HTP Investments announced it would no longer continue to financially support the company.

The failure of the business came despite it having its largest-ever order book, thought to be about £10m higher than the £70m reported for 2016. Annual accounts for the parent business Oyster Marine Holdings show that the company had revenues of £42m in 2016 and made a pre-tax profit of £104,000. The previous year’s figures show the business suffered a £5.2m hit from the sinking of the Polina Star III yacht, which dragged it to a £7.4m loss for the year, leaving the company’s finances foundering.

Hadida admits to having no boat building experience himself but plans to resume production immediately to include a new smaller Oyster below the 14.3m Oyster 47 which is currently the smallest model in the range.

Oyster Marine - Saxon Wharf

Mr Hadida has refused to be drawn on the size of the investment beyond saying it is “many millions” and he will use his own fortune to provide working capital. He will take on the role of interim chief executive until a permanent replacement is found.

Hadida’s management team includes Paul Adamson, a former captain of Eddie Jordan’s Oyster 885 Lush and Kim Stubbs, who helped turn around fellow British yacht company Sunseeker, has also been brought in. Prior to administration the group had 373 employees. It is understood that as many of Oyster’s previous workforce as possible will be re-employed.

The assets purchased by Richard Hadida Yachting include all the tooling and IP; shareholdings in associated companies, but, significantly not the liabilities relating to the Polina Star 111 issue which was the main cause of Oyster going into administration. This liability amounts to around £7m. The assets include a current order book valued in excess of £80m.

Richard Hadida Yachting Ltd was incorporated March 16 2018 and is based in Chandler’s Ford near Eastleigh.

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