oyster yachts liquidation

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Polina Star III's Keel Loss and Liquidation of Oyster Yachts

The story of the keel loss of s/y polina star iii and the liquidation of the oyster yachts from the owner's view..

It is a big image disaster when a sailing yacht loses a keel – the result is no stability and mostly leaks with water inflow. But the casket nail is the communication with the owner. The spontaneous liquidation of a good and big brand in the sailing and superyacht industry raises many questions. At the end of 2017, Oyster Yachts announced a full order book.

The owner of POLINA STAR III , Mr. Alexander V. Ezhkov and his team investigate also in the reasons of the liquidation on their website .

“This website was launched on 16 February 2018, following the liquidation announcement of Oyster Yachts. It was created to shed light on the practices of the Oyster Yachts owners and management.”

The price of an Oyster 825 is about 5 Mio. EUR. Pictures via the owner’s team of POLINA STAR III .

I met great people at Oyster. Marketing and PR supported me at any times and also the members of the yacht crew they sailed yachts to exhibitions were very kind. It was a pleasure and I hope to meet the people with other brands again.

New chapter for Oyster Yachts?

Update March 20th, 2018: Sailing Today reported , that Richard Hadida (co-founder of Evolution Gaming Group) will save the Oyster Yachts from liquidation.

“I believe we must save this great British brand and nurture it for the long term. But it needs to be a sustainable business: hard, quick decisions need to be taken. The boatbuilding industry needs to evolve like every other industry.”

Update March 29, 2018: Oyster Yachts published a statement by the new CEO Richard Hadida:

“As the new owner of Oyster Yachts, my immediate priorities are with our valued staff and loyal customers. I intend to get our team back to work, reemployed as soon as possible, and to recommence yacht production to fulfil the orders we have promised. As a passionate advocate of Oyster Yacht and a lifelong sailor, I’m firmly committed to reestablishing Oyster as the premium designer and manufacturer of yachts in the word. I’m excited about the challenges ahead and look forward to sharing this journey with you.”

New life as CHAMPAGNE HIPPY

POLINA STAR III has been rebuilt and sails now under the new name CHAMPAGNE HIPPY.

SHARING IS CARING - THANK YOU!

Oyster presents new 835 and 895, lady in red: baltic 116 “doryan”, child of lir // swan 105 rs // beiderbeck designs, jagare // abeking & rasmussen // back for maintenance, egoist // philippe briand, tulip // km yachtbuilders // german frers, bd120 by beiderbeck designs with wheelchair access, emma // super fast baltic 80 custom.

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Oyster Yachts saved from liquidation by tech entrepreneur Richard Hadida

Oyster Yachts, the British yard that ceased operations last month has been saved from liquidation by tech entrepreneur Richard Hadida.

The Southampton-based builder of sailing yachts went into collapse caused by a combination of low margins and poor cost control. 160 jobs were in peril and KPMG was brought in as administrator during the bankruptcy. The company was saved by tech businessman Richard Hadida. Hadida is an experienced boat owner himself.

"We are delighted to have a concluded a sale of the business, ensuring the recommencement of yacht production at the sites in Southampton and Wroxham, together with the opportunities for employment that this will bring." commented Neil Gostelow, partner at KPMG.

The new ownership will allow construction to resume on its flagship project, the Oyster 118. Other 25 yachts are in various stages of completion at the two Oyster sites. The deal was concluded for an undisclosed sum and includes Oyster Marine Limited and Oyster Marine Holdings.

READ MORE: Oyster Yachts ceases operations

Oyster Yachts sails back to profit after remarkable turnaround

The luxury yacht manufacturer sailed into the black with a 29 per cent year-on-year increase in turnover to £56.4 million in 2023. Hadida has invested heavily in the business to guarantee its long-term future.

The company achieved a profitable month in January and expects an overall Q4 profit for the year ending 2024. Recently appointed CEO Ashley Highfield has also highlighted major investments to enhance the customer experience, plus upgrades to the Oyster World Rally.

The company returned to profit following heavy investment in manufacturing facilities, staff and new support services. The company makes blue water sailing yachts; after launching a record 32 yachts in 2022, Oyster maintained full occupancy of all its shipyard’s build bays during FY23.

During that time, it grew staff by a third to increase skills and production capability across its three UK manufacturing sites: Saxon Wharf and Hythe Marine Park in Southampton and Wroxham in Norfolk.

It also expanded its customer services, with a global service network, refit operation, unrivalled after-sales support, crew, and charter services. Hadida, the owner and chair made a £14.5m additional investment to enable the expansion of the business.

This led to a successive record year for production, brokerage sales, and charters, as Oyster looks to continue building market share and consolidate its position as the go-to luxury blue water yachting brand.

The investment in new models, facilities and customer services explains an underlying operating loss of £16.8m in the YE23 accounts – during the fifth year of renewal for the business since Hadida stepped in to save the brand.

Ashley Highfield said: “Margins have continued to grow, and we have achieved positive EBITDA in recent months, which we expect to continue. We are increasing investment in our yachts, with focus on flawless quality and craftsmanship, to ensure they deliver unforgettable adventures where lifelong memories are made.

“We are confident Oyster is now in a strong position and has the resources and facilities to service our vessels world-wide and provide owners with truly personalised support.

“Investing heavily in the founding principles of Oyster Yachts is translating into stronger business results, whilst offering owners a lifetime of adventure, backed up by truly world-class service and support.”

With the Oyster World Rally 2026-27 already fully subscribed, it has recently announced the Oyster World Rally 2028-29. With only 30 places, demand is expected to be high.

The Oyster World Rally is a unique, fully supported circumnavigation of the planet, covering 27,000 nautical miles, 27 destinations, and 16 months in a single adventure, exclusively for Oyster owners. Oyster Yachts have completed over 20 million blue water sailing miles and over 100 circumnavigations.

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Oyster Yachts goes into liquidation

British luxury boatbuilder, oyster yachts, has gone into liquidation with the loss of 150 jobs.

Workers at the boatbuilding yard in Norfolk were sent home after being told their employer “has run out of cash”.

Oyster Yachts, which has a site at Wroxham, told staff that all operations had been stopped to prevent further losses, and that it was on the brink of insolvency.

A letter sent to staff, published by the Eastern Daily Press, says the company “has been unable to secure financial support to enable it to continue to trade at this time and it is now facing entering into an insolvency procedure imminently”.

It adds: “After considering all possible options, the company has concluded that there is a risk that it will be unable to continue to provide work for all its employees at all locations and that it is likely that it will have to make all of its employees redundant. The company has run out of cash and is unable to pay employees for work.”

The company has decided to close all operations to “prevent or minimise all loss to employees and all other creditors”.

Oyster Yachts’ head office and yard is in Southampton, but it also has sites at Ipswich, Palma in Mallorca, and Newport, Rhode Island.

Oyster had been seen to be trading well, having launched just last month a new Oyster 745 model at the Dusseldorf boat show, and claiming a “record” order book of £80m on its website.

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