Takeover of Oyster Yachts, 45 expressions of interest

Sailboat Oyster Yachts

After Oyster Yachts' turnaround, interest from potential buyers is high. A buyer who will have to face a high debt following the sinking of the Polina Star III.

Surprise Bankruptcy

The British shipyard Oyster Yachts surprised many observers on 6 February 2018 when it announced its bankruptcy. It followed the withdrawal of the investor HTP Investments BV, which had bought the company in 2012. The courts have since appointed KPMG as administrator with the aim of finding a buyer.

45 expressions of interest

Oyster Yachts, whose order book was full at the time of the bankruptcy, attracts the lusts. In an interview with our IBI colleague, David Tydeman, the yard's CEO, said that KPMG had received 45 expressions of interest for the purchase of the yacht brand. The file selection process, which will begin in late February, is expected to take several weeks.

The general manager of yacht builder Discovery Yachts, who was pleased with the success of his fundraiser, told IBI:"We successfully took over two companies in less than a year and we are ready for another. We have a strong financial position and are actively seeking opportunities to expand the number of brands in our portfolio."

Debt of the Polina Star III sinking

David Tydeman also confirmed that Oyster Yachts' difficulties and the departure of HTP Investments were caused by the insurance costs associated with the sinking of the Polina Star III. The yard, which has turned against its subcontractor Bridgland Moulders, is being claimed £7.2m. To date, £400,000 has already been paid, leaving a debt of £6.8m. A sum which will surely weigh in the files of resumption of the building site.

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