OYSTER TURNS OVER £20M

HOMENEWSINDUSTRY NEWSOYSTER TURNS OVER £20M

06 Jan 2020

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By mid-2020 all production sites for Oyster Yachts will be at full capacity

INDUSTRY DATABASE

OYSTER YACHTS

Oyster Yachts has achieved a turnover of £20m in its first full year of trading.

The first financial statements filed for the company for the period ended March 31 2019, show a gross margin of £2.2m with an operating loss for the company, excluding exceptional costs of £7.3m.

Oyster Marine was bought out of administration early 2018 by sole shareholder and CEO Richard Hadida and has an ‘eventful first 12 months of operation’ following the re-start of trading activities.

During the last year, the company has re-established all operations covering yacht production, design capability, technical and sales support

By mid-2020 all production sites will be at full capacity, with orders for new yachts across all models in the range and a timeline ahead of that originally anticipated when the business restarted.

Investment

Investment has included an in-house composite moulding facility and investment into the design of the yachts so they comply with Lloyds Register for deck and hull construction.

The company has also introduced an apprenticeship scheme.

“I cannot imagine a world without Oyster yachts and so am investing into all the activities of the business to ensure that the company has a sustainable long-term future,” said Richard.

“We are on track with the turnaround and I am building a business which has a long-term sustainable and profitable future for the next generation of Oyster owners.”

At the time of Oyster Marine’s administration, there were 14 yachts that were mid-construction – agreements were reached with the owners in respect of these vessels with the last of these yachts scheduled for handover in March 2020.

2020 will also see the launch of Oyster’s new 595 blue water sailing yacht and the directors are looking into the possibility of a sub 50ft Oyster.

via Boating Business | Oyster turns over £20m.

DISCOVERY CALLS IN ADMINISTRATORSHOMENEWSINDUSTRY NEWSDISCOVERY CALLS IN ADMINISTRATORS06 Jan 2020EmailShareFacebookLinkedInTwitterPrintDiscovery Yachts Group has gone into administration Photo: Discovery YachtsINDUSTRY DATABASEDISCOVERY YACHTS LTDDiscovery Yachts Group Ltd has appointed administration – and been sold in a pre-pack deal – following the conclusion of undefended court action which has left the company owing nearly £1.2m.The company appointed Chris Moore of K J Watkin & Co. as liquidator on 9 December 2019 and went into administration ten days later. Continuity of employment has been assured.”I can confirm that Chris Moore was appointed administrator of Discovery Yachts Group Ltd on 19 December 2019. Immediately upon appointment a pre-pack sale was completed to Binti Marine Holdings Limited, a UK subsidiary of Binti Holding GMBH,” said  Simon Wall of K J Watkin & Co.”This business rescue has ensured continuity of employment for all employees and all yachts in build will be completed.”Breach of contractIt is understood that the decision was made to protect the company from a lawsuit brought by a customer, the conclusion of which took place on 16 December.Andrew France claimed breach of contract against Discovery Yachts Sales Ltd and Discovery Yachts Group Ltd following the latters’ failure to make good defects in a £1.5m yacht Mr France had ordered in 2015.Defects included a leak around the mast collar, a flood in the forward cabin and a generator failure. Despite Mr France being told the problems would be resolved, this did not happen.Following the case heard by Mr Justice Teare in the High Court which Discovery Yachts failed to attend, damages of £911,113 and £262,957 were awarded against Discovery Yacht Sales Ltd and Discovery Yachts Group Ltd respectively.It is unclear whether Discovery Yachts Sales Ltd has also appointed administrators. No one from Discovery Yachts Group Ltd was available for comment.

via Boating Business | Discovery calls in administrators.