Oyster Yachts bankrupt

Oyster 575

The British shipyard Oyster Yachts has been declared bankrupt. A surprise, when many boats were in order.

Withdrawal of financial support to Oyster Yachts

The British shipyard Oyster Yachts announced its bankruptcy on 6 February 2018. Founded in 1973 by Richard Matthews, the company was sold in 2008 to Balmoral Capital, then taken over by the Dutch group HTP Investments BV in 2012. On its website, the manufacturer now only posts a short message from its CEO, David Tydeman:"It is with sincere regret that we inform you that the company has not been able to secure financial support to continue its activity for the time being, and that it is seeking all available opportunities. More information will be provided as soon as we can."

HTP Investments BV, which bought Oyster Yachts in 2012 for £15m, would have withdrawn its support.

Several hundred jobs at stake

To date, more than 150 people have worked at the Oyster Yachts yard in Southampton in the south of England, plus employees from the Wroxham, Ipswich, Palma, Majorca and Newport offices. The bankruptcy should create a heavy job loss for the British boating industry and the Southampton region.

An order book yet full

The interest for Oyster Yachts was great. With an order book of over £80m, 2017 was a record year since the company was founded in 1973. The yard had just presented its new model, the Oyster 745, the largest sailboat exhibited at the Boot in Dusseldorf. He also announced the launch of a 118-foot project designed by naval architecture firm Reichel Pugh.

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